§ 8112. Issuance of turnpike revenue bonds or other obligations
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 74 Pa.C.S.A. TransportationEffective: July 1, 2007
Effective: July 1, 2007
74 Pa.C.S.A. § 8112
§ 8112. Issuance of turnpike revenue bonds or other obligations
(2) A bond must be signed by or shall bear the facsimile signature of such officers as the commission determines. A bond may be issued and delivered notwithstanding that one or more of the signing officers or the treasurer has ceased to be an officer when the bond is actually delivered. A bond must be authenticated by an authenticating agent, a fiscal agent or a trustee, if required by the authorizing resolution.
(2) The payment of the costs of the department, the costs of the turnpikes and the toll road conversions, including the reconstruction of the converted roads as provided for in this chapter and the repayment to the Federal Treasury of any funds so required to be repaid pursuant to any special legislation passed by the Congress of the United States authorizing the conversion of toll-free roads to toll roads, the financing for insurance reserves and the duties of the commission with reference to these matters.
(c) Deeds of trust.--The commission may enter into any deed of trust, indenture or other agreement with any bank or trust company or other person in the United States having power to enter into such an arrangement, including any Federal agency, as security for a bond and may assign and pledge all or any of the revenues or receipts of the commission under such deed, indenture or agreement. The deed of trust, indenture or other agreement may contain provisions as may be customary in such instruments or as the commission may authorize, including provisions as to the following:
(1) For the payment of the costs of the department, the costs of the turnpikes and the toll road conversions, including the reconstruction of the converted roads as provided for in this chapter and the repayment to the Federal Treasury of any funds so required to be repaid pursuant to any special legislation passed by the Congress of the United States authorizing the conversion of toll-free roads to toll roads, financing for insurance reserves and the duties of the commission with reference to these matters.
Credits
2007, July 18, P.L. 169, No. 44, § 3, retroactive effective July 1, 2007.
74 Pa.C.S.A. § 8112, PA ST 74 Pa.C.S.A. § 8112
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
End of Document |