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§ 5510.11. Limitation on authority under Federal bankruptcy code

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 53 Pa.C.S.A. Municipalities GenerallyEffective: July 16, 2004

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 53 Pa.C.S.A. Municipalities Generally (Refs & Annos)
Part V. Public Improvements, Utilities and Services
Subpart A. General Provisions
Chapter 55. Parking Authorities (Refs & Annos)
Effective: July 16, 2004
53 Pa.C.S.A. § 5510.11
§ 5510.11. Limitation on authority under Federal bankruptcy code
Currentness
(a) General rule.--So long as an authority shall have outstanding any bonds issued under this chapter, the authority shall not be authorized to file a petition for relief under 11 U.S.C. Chapter 9 (relating to adjustment of debts of a municipality), and no public officer or agency or instrumentality of the Commonwealth shall authorize the authority to become a debtor under 11 U.S.C. Chapter 9 so long as any bonds issued under this chapter are outstanding.
(b) Applicability.--This section shall only apply to authorities in cities of the first class.

Credits

2002, Dec. 30, P.L. 2001, No. 230, § 6, effective in 60 days. Reenacted 2004, July 16, P.L. 758, No. 94, § 6.4, imd. effective.
53 Pa.C.S.A. § 5510.11, PA ST 53 Pa.C.S.A. § 5510.11
Current through Act 11 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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