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§ 917.3. Criteria for 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. § 917.3
§ 917.3. Criteria for bond issuance
Currentness
(a) Determination.--If the department reasonably expects that the issuance of bonds to obtain funds to pay compensation or to repay Federal advances, including interest, would result in a savings to employers in this Commonwealth, as an alternative to borrowing by means of Federal advances or repayment of the Federal advances and interest by other means, the department, with approval by the Office of the Budget, may apply to the authority to issue bonds for its benefit under section 1402(b).1
(b) Terms.--
(1) The department, with the approval of the Office of the Budget, shall specify in its application to the authority:
(i) the maximum principal amount of the bonds for each separate bond issue; and
(ii) the maximum term of the bonds, not to exceed 20 years.
(2) The total principal amount of bonds outstanding under this article for all bond issues may not exceed $4,500,000,000.

Credits

1936, Second Ex.Sess., Dec. 5, P.L. (1937) 2897, Art. XIV, § 1403, added 2012, June 12, P.L. 577, No. 60, § 17, imd. effective.

Footnotes

1
43 P.S. § 917.2.
43 P.S. § 917.3, PA ST 43 P.S. § 917.3
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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