§ 3035.4. Issuance of bonds, security and sources of payments
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 25 P.S. Elections & Electoral DistrictsEffective: October 31, 2019
Effective: October 31, 2019
25 P.S. § 3035.4
§ 3035.4. Issuance of bonds, security and sources of payments
(b) Service agreement authorized.--The authority and the department may enter into an agreement or service agreement to effectuate this article, including an agreement to secure bonds issued for the purposes under section 1102-B(b),1 pursuant to which the department shall agree to pay the bond obligations and bond administrative expenses to the authority in each fiscal year that the bonds or refunding bonds are outstanding in amounts sufficient to timely pay in full the bond obligations, bond administrative expenses and any other financing costs due on the bonds issued for the purposes under section 1102-B(b). The department's payment of the bond obligations, bond administrative expenses and other financing costs due on the bonds as service charges under an agreement or service agreement shall be subject to and dependent upon the appropriation of funds by the General Assembly to the department for payment of the service charges. The service agreement may be amended or supplemented by the authority and the department in connection with the issuance of any series of bonds or refunding bonds authorized under this section.
Credits
1937, June 3, P.L. 1333, No. 320, art. XI-B, § 1104-B, added 2019, Oct. 31, P.L. 552, No. 77, § 3.1, imd. effective.
Footnotes
25 P.S. § 3035.2.
25 P.S. § 3035.4, PA ST 25 P.S. § 3035.4
Current through Act 11 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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