§ 11701.255.1. Termination of status
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 53 P.S. Municipal and Quasi-Municipal CorporationsEffective: December 30, 2014
Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 53 P.S. Municipal and Quasi-Municipal Corporations
Part I. General Municipal Law
Chapter 30E. Municipalities Financial Recovery Act (Refs & Annos)
Chapter 2. Municipal Financial Distress (Refs & Annos)
Subchapter C.1. Duration of Distressed Status (Refs & Annos)
Effective: December 30, 2014
53 P.S. § 11701.255.1
Formerly cited as PA ST 53 P.S. § 11701.253
§ 11701.255.1. Termination of status
(b) Determination.--Within 90 days of the conclusion of the public hearing, the secretary shall issue an administrative determination of whether the termination of status is appropriate and reasons for the determination. The determination shall include findings addressing each of the factors in subsection (c) and shall consider information provided in the report of the coordinator and any additional information received during the public hearing.
(1) Operational deficits of the municipality have been eliminated and the financial condition of the municipality, as evidenced by audited financial statements prepared in accordance with generally accepted accounting principles and projections of future revenues and expenditures, demonstrates a reasonable probability of future balanced budgets absent participation in this act.
(2) Obligations issued to finance the municipality's debt have been retired, reduced or reissued in a manner that has adequately refinanced outstanding principle and interest and has permitted timely debt service and reasonable probability of continued timely debt service absent participation in this act.
(4) The reasonably projected revenues of the municipality are sufficient to fund ongoing necessary expenditures, including pension and debt obligations and the continuation or negotiation of collective bargaining agreements and the provision of municipal services. Projections of revenues shall include any anticipated tax or fee increases to fund ongoing expenditures for the first five years after a termination of distressed status.
(e) Suspension of subsequent proceedings.--The coordinator and secretary shall not take any action under sections 256 and 2573 until a final decision is issued for any appeal under subsection (d) or (f). The duration of distressed status of the municipality shall be extended subject to subsequent action in accordance with section 257.
(f) Action of the secretary preserved.--Except as otherwise provided in chapters 6 and 7,4 the secretary may, following a duly advertised public hearing with notices given as provided in section 203, at any time issue a determination as provided in this section upon written recommendation of the coordinator setting forth a discussion of each of the factors specified in subsection (c). The determination may be appealed in accordance with subsection (d).
Credits
1987, July 10, P.L. 246, No. 47, § 255.1, added 2014, Oct. 31, P.L. 2983, No. 199, § 19, effective in 60 days [Dec. 30, 2014].
Footnotes
53 P.S. § 11701.255.
53 P.S. § 11701.203.
53 P.S. §§ 11701.256, 11701.257.
53 P.S. §§ 11701.601 et seq., 11701.701 et seq.
53 P.S. § 11701.255.1, PA ST 53 P.S. § 11701.255.1
Current through Act 4 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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