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§ 697.7. Purposes and powers; bonds

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 55 P.S. Navigation

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 55 P.S. Navigation (Refs & Annos)
Chapter 25. Philadelphia Regional Port Authority Act
55 P.S. § 697.7
§ 697.7. Purposes and powers; bonds
Currentness
(a) Bond issues to be authorized.--The bonds of the authority, hereinabove referred to and authorized to be issued, shall be authorized by resolution of the board and shall be of such series, bear such date or dates, mature at such time or times, bear interest at such rate or rates, be in such denominations, be in such form, either coupon or fully registered without coupons, carry such registration, exchangeability and interchangeable privileges, be payable in such medium of payment and at such place or places, be subject to such terms of redemption, purchase or tender by the authority or the holder thereof with or without premium, and be entitled to such priorities in the revenues, rentals or receipts of the authority as such resolution or resolutions may provide. The bonds shall be signed by or shall bear the facsimile signatures of such officers as the authority shall determine, and coupon bonds shall have attached thereto interest coupons bearing the facsimile signature of the treasurer of the authority, and all bonds shall be authenticated by an authenticating agent, fiscal agent or trustee, all as may be prescribed in such resolution or resolutions. Any such bonds may be issued and delivered notwithstanding that one or more of the officers signing such bonds or the treasurer whose facsimile signature shall be upon the coupon, or any officer of the authority, shall have ceased to be such officer at the time when such bonds shall actually be delivered.
(b) Sale.--
(1) The bonds of the authority may be sold at public or private sale, by negotiation or upon invitation, for such price or prices and at such rate or interest as the board shall determine.
(2) Before making any private sale by negotiation of bonds or notes, the board shall adopt, by a qualified majority vote, a resolution finding that a private sale by negotiation is in the best financial interest of the authority.
(3) Pending the preparation of the definitive bonds, interim receipts or temporary bonds may be issued to the purchaser or purchasers of the bonds and may contain such terms and conditions as the authority may determine.
(c) Negotiable instruments.--The bonds shall have all the qualities of negotiable instruments under 13 Pa.C.S. (relating to commercial code).
(d) Refunding.--Subject to the provisions of the outstanding bonds, notes or other obligations and subject to the provisions of this act, the authority shall have the right and power to refund any outstanding debt, in whole or in part, at any time and shall have the right and power to refund any outstanding notes with bonds or bonds with notes. The term “refund” and any of its variations shall mean the issuance and sale of obligations the proceeds of which are used, or are to be used, for the payment or redemption of outstanding obligations upon or prior to maturity.
(e) Resolutions.--Any resolution or resolutions authorizing bonds may contain provisions which shall be part of the contract with the holders thereof relating, without limitations, to the following:
(1) Pledging all or any of the revenues, rentals or receipts of the authority from all or any port facilities, port-related projects, property or operations of the authority, and providing for the obtaining of other security for the bonds such as letters of credit or bond insurance.
(2) The construction, improvement, operation, extension, enlargement, maintenance and repair of the port facilities, port-related projects and property of the authority and the duties of the authority with reference thereto.
(3) The terms and provisions of the bonds.
(4) Limitations on the purposes to which the proceeds of the bonds, then or thereafter to be issued, or of any loan or grant of the Federal Government, the Commonwealth or a political subdivision, may be applied and invested.
(5) The rate of fees, rates, rentals and other charges for the use of port facilities, port-related projects and property of the authority or for services rendered by the authority, including limitations upon the power of the authority to modify any lease or other agreement pursuant to which fees, rates, rentals and other charges are payable.
(6) Make covenants to create or authorize the creation of special funds or accounts to be held in trust or otherwise for the benefit of holders of the bonds or of reserves for other purposes and as to the use, investment and disposition of moneys held in those funds, accounts or reserves.
(7) The terms and provisions of any trust indenture securing the bonds or under which the same may be issued.
(8) Any other or additional agreements with the holders of the bonds.
(f) Indentures and agreements.--The authority may enter into any trust indentures or other agreements with any bank or trust company or any person in the United States having power to enter into the same, including the Federal Government, as security for such bonds, and may assign and pledge any or all of the revenues, rentals or receipts of the authority thereunder. The trust indenture or other agreement may contain such provisions as may be customary in such instruments or as the authority may authorize, including, with limitation, provisions relating to the following:
(1) The construction, improvement, operation, maintenance and repair of port facilities, port-related projects and property and the duties of the authority with reference thereto.
(2) The application, disposition and investment of proceeds of bonds and other funds held under or pursuant to such trust indenture or agreement.
(3) The rights and remedies of the trustees and the holders of the bonds, including, without limitation, restrictions upon the individual right of action upon such bondholders.
(4) The terms and provisions of the bonds or the resolutions authorizing the issuance of the same.

Credits

1989, July 10, P.L. 291, No. 50, § 7, imd. effective.
55 P.S. § 697.7, PA ST 55 P.S. § 697.7
Current through Act 13 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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