§ 1543. Indebtedness
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 64 Pa.C.S.A. Public Authorities and Quasi-Public CorporationsEffective: November 30, 2004
Effective: November 30, 2004
64 Pa.C.S.A. § 1543
§ 1543. Indebtedness
(a) General rule.--Subject to the limitations of subsection (b), the authority may, in its own name, incur indebtedness, including through the issuance of bonds, in an amount necessary to fund the program as established in Subchapter E1 (relating to programs) and in 12 Pa.C.S. Ch. 29 (relating to machinery and equipment loans).
(1) Except as provided in subsection (d) and paragraphs (2), (3) and (4), the aggregate amount of indebtedness incurred by the authority, including through the issuance of bonds, may not exceed $250,000,000 reduced by the aggregate amount of Commonwealth indebtedness incurred under 12 Pa.C.S. Ch. 39 (relating to water supply and wastewater infrastructure capitalization).
(2) Except as provided in subsection (d) and paragraphs (3) and (4) and upon adoption of a resolution under subsection (f)(1), the aggregate amount of indebtedness incurred by the authority, including through the issuance of bonds, may not exceed $500,000,000 reduced by the aggregate amount of Commonwealth indebtedness incurred under 12 Pa.C.S. Ch. 39.
(3) Except as provided in subsection (d) and paragraph (4) and upon adoption of a resolution under subsection (f)(2), the aggregate amount of indebtedness incurred by the authority, including through the issuance of bonds, may not exceed $750,000,000 reduced by the aggregate amount of Commonwealth indebtedness incurred under 12 Pa.C.S. Ch. 39.
(4) Except as provided in subsection (d) and upon adoption of a resolution under subsection (f)(3), the aggregate amount of indebtedness incurred by the authority, including through the issuance of bonds, may not exceed $1,000,000,000 reduced by the aggregate amount of Commonwealth indebtedness incurred under 12 Pa.C.S. Ch. 39.
(1) Beginning with fiscal year 2005-2006 and each fiscal year thereafter, after the final estimate required by section 618 of the act of April 9, 1929 (P.L. 177, No. 175),2 known as The Administrative Code of 1929, is signed for the fiscal year, the Secretary of the Budget shall certify to the board all of the following:
(i) Whether sufficient surplus revenues will exist in the General Fund for the two succeeding fiscal years immediately following the fiscal year for which the estimate was signed to pay any liabilities which would be incurred by the Commonwealth during those years if the authority incurs an additional $ 250,000,000 of indebtedness.
(1) After publication of the certification required by subsection (e) for the fiscal year 2005-2006, unless the Secretary of the Budget certifies under subsection (e) that the sufficient surplus revenues will not exist, the board may adopt a resolution authorizing the incurring of additional indebtedness subject to the limitation of subsection (c)(2). If the Secretary of the Budget certifies under subsection (e) that the sufficient surplus revenues will not exist, indebtedness of the authority shall remain subject to subsection (c)(1), and, upon publication of a certification under subsection (e) that sufficient surplus revenues will exist, the board may adopt a resolution authorizing the incurring of additional indebtedness subject to subsection (c)(2).
(2) For the fiscal year following the adoption of a resolution under paragraph (1), unless the Secretary of the Budget certifies under subsection (e) that the sufficient surplus revenues will not exist, the board may adopt a resolution authorizing the incurring of additional indebtedness subject to the limitation of subsection (c)(3). If the Secretary of the Budget certifies under subsection (e) that the sufficient surplus revenues will not exist, indebtedness of the authority shall remain subject to subsection (c)(2), and, upon publication of a certification under subsection (e) that sufficient surplus revenues will exist, the board may adopt a resolution authorizing the incurring of additional indebtedness subject to subsection (c)(3).
(3) For the fiscal year following the adoption of a resolution under paragraph (2), unless the Secretary of the Budget certifies under subsection (e) that the sufficient surplus revenues will not exist, the board may adopt a resolution authorizing the incurring of additional indebtedness subject to the limitation of subsection (c)(4). If the Secretary of the Budget certifies under subsection (e) that the sufficient surplus revenues will not exist, indebtedness of the authority shall remain subject to subsection (c)(3), and, upon publication of a certification under subsection (e) that sufficient surplus revenues will exist, the board may adopt a resolution authorizing the incurring of additional indebtedness subject to subsection (c)(4).
Credits
2004, April 1, P.L. 163, No. 22, § 1, imd. effective. Amended 2004, Nov. 30, P.L. 1708, No. 218, § 4, imd. effective.
64 Pa.C.S.A. § 1543, PA ST 64 Pa.C.S.A. § 1543
Current through Act 13 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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