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§ 525. Pennsylvania Infrastructure Bank (Adm. Code § 2015)

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 71 P.S. State Government

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 71 P.S. State Government
Part I. The Administrative Codes and Related Provisions
Chapter 2. The Administrative Code of 1929 (Refs & Annos)
Article XX. Powers and Duties of the Department of Transportation (Refs & Annos)
71 P.S. § 525
§ 525. Pennsylvania Infrastructure Bank (Adm. Code § 2015)
(a) There is hereby established a special fund in the Department of Transportation to be known as the Pennsylvania Infrastructure Bank. The fund shall be administered by the Department of Transportation, and the State Treasurer shall be the treasurer-custodian of the fund. All moneys in the fund are hereby appropriated to the Department of Transportation for the purposes specified in this section. The State Treasurer is authorized to hold and to disburse in accordance with this section all Federal and State money deposited in the fund. The Department of Transportation is also authorized to use money in the Highway and Safety Improvements appropriation in the Motor License Fund to provide payments as authorized by Federal law, including matching funds, for the Pennsylvania Infrastructure Bank.
(b) The Department of Transportation is authorized to:
(1) make loans to or enter into leases with qualified borrowers to finance the costs of qualified projects and to acquire, hold and sell borrower obligations evidencing the loans;
(2) enter into guaranties secured solely by or purchase insurance or other credit enhancement through amounts on deposit in the fund;
(3) enter into contracts, arrangements and agreements to provide assistance through amounts on deposit in the fund. The Department of Transportation shall determine the form and content of any borrower obligation, including the terms and rate of interest on any loans or leases;
(4) enter into contracts, arrangements and agreements with other persons and execute and deliver all trust agreements, loan agreements and other instruments necessary or convenient to the exercise of the powers granted by this section;
(5) enter into grant cooperative, operating and other agreements with the United States relating to the fund;
(6) establish and collect fees, charges and interest;
(7) establish fiscal controls and accounting procedures for the fund;
(8) adopt regulations, procedures or guidelines for the bank and for accounting procedures by qualified borrowers for financial assistance and projects; and
(9) establish accounts and subaccounts in the fund as necessary and invest moneys held in the fund.
(c) The Department of Transportation is authorized to take any actions required by Federal law or regulation in order to qualify as a State infrastructure bank and to receive Federal funds made available to State infrastructure banks.
(d) The Department of Transportation shall not be authorized to be a bank, trust company, insurance company or dealer in securities subject to any Federal or State banking or insurance regulating agency or any securities, securities exchange or securities dealers' law.

Credits

1929, April 9, P.L. 177, No. 175, art. XX, § 2015, added 1997, Nov. 26, P.L. 530, No. 57, § 13, imd. effective.
71 P.S. § 525, PA ST 71 P.S. § 525
Current through 2021 Regular Session Act 21. Some statute sections may be more current, see credits for details.
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