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§ 8816-C. Commonwealth pledges

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 72 P.S. Taxation and Fiscal AffairsEffective: July 13, 2016

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 72 P.S. Taxation and Fiscal Affairs
Chapter 5. Tax Reform Code of 1971 (Refs & Annos)
Article XVIII-C. City Revitalization and Improvement Zones (Refs & Annos)
Effective: July 13, 2016
72 P.S. § 8816-C
§ 8816-C. Commonwealth pledges
Currentness
(a) Pledge.--If and to the extent the contracting authority pledges amounts required to be transferred to its fund under section 1812-C1 for payment of bonds until all of the bonds, together with interest, are fully paid or provided for, the Commonwealth pledges to and agrees with any person, firm, corporation or government agency, in this Commonwealth or elsewhere, and pledges to and agrees with any Federal agency subscribing to or acquiring the bonds that the Commonwealth itself will not nor will it authorize any government entity to do any of the following:
(1) Abolish or reduce the size of the zone, or transfer zone designation from a parcel contrary to section 1814-C.2
(2) Amend or repeal section 1810-C, 1811-C, 1812-C, 1813-C, 1814-C, 1815-C3 or this section to the detriment of the issuer of any bonds.
(3) Limit or alter the rights vested in the contracting authority in a manner inconsistent with the obligations of the contracting authority with respect to the bonds issued by the contracting authority.
(4) Impair revenue to be paid under this article to the contracting authority necessary to pay debt service on bonds.
(b) Limitation.--Nothing in this section shall limit the authority of the Commonwealth or a political subdivision government entity to change the rate, base or subject of a specific tax or to repeal or enact any tax.

Credits

1971, March 4, P.L. 6, No. 2, art. XVIII-C, § 1816-C, added 2013, July 9, P.L. 270, No. 52, § 31, imd. effective. Amended 2016, July 13, P.L. 526, No. 84, § 37, imd. effective.

Footnotes

1
72 P.S. § 8812-C.
2
72 P.S. § 8814-C.
3
72 P.S. §§ 8810-C, 8811-C, 8812-C, 8813-C, 8814-C, 8815-C.
72 P.S. § 8816-C, PA ST 72 P.S. § 8816-C
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
End of Document