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§ 6-683-A. Limitations

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 24 P.S. EducationEffective: July 12, 2012

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 24 P.S. Education
Chapter 1. Public School Code of 1949 (Refs & Annos)
Article VI-a. School District Financial Recovery (Refs & Annos)
Subarticle (c). School District Financial Recovery
(VII) Financial Recovery Transitional Loan Program (Refs & Annos)
Effective: July 12, 2012
24 P.S. § 6-683-A
§ 6-683-A. Limitations
Currentness
(a) Use.--A loan to a school district under this subdivision shall be used solely to implement the components of the financial recovery plan, including the payment of current expenses of the school district as identified in the financial recovery plan.
(b) Local Government Unit Debt Act.--A loan to a school district under this subdivision shall not be subject to, and shall be subordinate to indebtedness incurred under, the provisions of 53 Pa.C.S. Pt. VII Subpt. B1 (relating to indebtedness and borrowing).
(c) Amount.--The aggregate amount of loans awarded to school districts under this subdivision shall not at any time exceed the amount in the Financial Recovery School District Transitional Loan Account.
(d) Number of loans.--A school district eligible for a loan under this subdivision shall receive a maximum of one loan per fiscal year.
(e) Withholding not applicable.--A school district's failure to make timely payment of principal on a loan issued under this subdivision shall not subject the school district to withholding of unpaid amounts from State appropriations under section 633.2

Credits

1949, March 10, P.L. 30, No. 14, art. VI-A, § 683-A, added 2012, July 12, P.L. 1142, No. 141, § 10, imd. effective.

Footnotes

1
53 Pa.C.S.A. § 8001 et seq.
2
24 P.S. § 6-633.
24 P.S. § 6-683-A, PA ST 24 P.S. § 6-683-A
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
End of Document