Home Table of Contents

§ 8104. Status of turnpike revenue bonds, notes or other obligations

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 74 Pa.C.S.A. TransportationEffective: July 1, 2007

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 74 Pa.C.S.A. Transportation (Refs & Annos)
Part IV. Highways
Chapter 81. Turnpike (Refs & Annos)
Effective: July 1, 2007
74 Pa.C.S.A. § 8104
§ 8104. Status of turnpike revenue bonds, notes or other obligations
(a) General rule.--The turnpike revenue bonds, notes or other obligations issued under the provisions of this chapter shall not be deemed to be a debt of the Commonwealth or a pledge of the faith and credit of the Commonwealth, but bonds, notes or other obligations shall be payable solely from the revenues of the commission, including tolls, or from funds as may be available to the commission for that purpose.
(b) Statement required.--All bonds, notes or other obligations shall contain a statement on their face that the Commonwealth is not obligated to pay the same or the interest thereon except from revenues of the commission, including tolls, or from funds as may be available to the commission for that purpose and that the faith and credit of the Commonwealth is not pledged to the payment of the principal or interest of the bonds, notes or other obligations.
(c) Pledge of Commonwealth prohibited.--The issuance of turnpike revenue bonds, notes or other obligations under the provisions of this chapter shall not directly or indirectly or contingently obligate the Commonwealth to levy or to pledge any form of taxation or to make any appropriation for their payment.

Credits

2007, July 18, P.L. 169, No. 44, § 3, retroactive effective July 1, 2007.
74 Pa.C.S.A. § 8104, PA ST 74 Pa.C.S.A. § 8104
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
End of Document