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§ 917.2. Bond issuance

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 43 P.S. LaborEffective: June 12, 2012

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 43 P.S. Labor (Refs & Annos)
Chapter 14. Unemployment Compensation Law (Refs & Annos)
Article XIV. Unemployment Compensation Bonds (Refs & Annos)
Effective: June 12, 2012
43 P.S. § 917.2
§ 917.2. Bond issuance
Currentness
(a) Declaration of policy.--The General Assembly finds and declares that funding the payment of compensation or the repayment of previous Federal advances, including interest, through the authority, is in the best interest of the Commonwealth.
(b) Authority.--Notwithstanding any other law, the following shall apply:
(1) The department may be a project applicant under the Financing Law and may apply to the authority for the funding of compensation or repayment of Federal advances and interest due on them.
(2) The funding of compensation or repayment of Federal advances and interest due on them shall constitute a project for purposes of the Financing Law.
(3) The authority may issue bonds under the Financing Law, consistent with this article, to finance a project consisting of the funding of compensation or repayment of Federal advances and interest due on them or refunding or redeeming of prior bonds.
(4) Participation of an industrial and commercial development authority is not required to finance the payment of compensation or repayment of Federal advances and interest due on them.
(c) Debt or liability.--
(1) Bonds issued under this article shall not be a debt or liability of the Commonwealth and shall not create or constitute any indebtedness, liability or obligation of the Commonwealth.
(2) Bond obligations and bond administrative expenses shall be payable solely from revenues or funds pledged or available for their repayment as authorized in this article. This paragraph includes the proceeds of any issuance of bonds.
(3) Each bond must contain on its face a statement that:
(i) the authority is obligated to pay the principal of the bond or the interest on the bond only from funds made available under this article;
(ii) neither the Commonwealth nor a political subdivision is obligated to pay the principal or interest; and
(iii) the full faith and credit of the Commonwealth is not pledged to the payment of the principal of or the interest on the bonds.

Credits

1936, Second Ex.Sess., Dec. 5, P.L. (1937) 2897, Art. XIV, § 1402, added 2012, June 12, P.L. 577, No. 60, § 17, imd. effective.
43 P.S. § 917.2, PA ST 43 P.S. § 917.2
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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