§ 850.702. Financing of project costs
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 73 P.S. Trade and CommerceEffective: February 2, 2017
Effective: February 2, 2017
73 P.S. § 850.702
§ 850.702. Financing of project costs
A portion of incremental tax revenues transferred to a TRID shall be dedicated to completion and future maintenance of the specific and necessary transit capital and public infrastructure improvements designated in the comprehensive plan amendment and TRID planning study as follows:
(2) Local municipalities, school districts and the county shall establish an amortization schedule for receipt, investment and expenditure of any TRID tax incremental revenues similar to, but not limited by, the financing of costs provisions in the act of July 11, 1990 (P.L. 465, No. 113)1, known as the Tax Increment Financing Act. Incremental tax revenue generated by a TRID property may be directed for use in TRID projects or eligible projects, including for use in financing a bond the proceeds of which are used in TRID projects or eligible projects, for up to 20 years from the date a property is designated as a parcel in a TRID.
Credits
2004, Dec. 8, P.L. 1801, No. 238, § 702, effective in 60 days [Feb. 7, 2005]. Amended 2016, Nov. 4, P.L. 1160, No. 151, § 4, effective in 90 days [Feb. 2, 2017].
Footnotes
53 P.S. § 6930.1 et seq.
73 P.S. § 850.702, PA ST 73 P.S. § 850.702
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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