§ 5506. Bonds
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 53 Pa.C.S.A. Municipalities GenerallyEffective: June 19, 2001
Effective: June 19, 2001
53 Pa.C.S.A. § 5506
§ 5506. Bonds
(2) A bond must be signed by such officers as the authority determines. Coupon bonds must have attached interest coupons bearing the facsimile signature of the treasurer of the authority as prescribed in the authorizing resolution. 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.
(c) Deeds of trust.--An authority 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 authority 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 authority may authorize, including provisions as to:
(d) Negotiability.--A bond shall have all the qualities of negotiable instruments under 13 Pa.C.S. Div. 31 (relating to negotiable instruments).
(e) Revenue and receipts.--Money collected or received by the authority on behalf of a municipality under section 5505(d)(21) (relating to purposes and powers) shall not be deemed to constitute revenues and receipts of the authority under this chapter or be subject to any debt or obligation of the authority.
Credits
2001, June 19, P.L. 287, No. 22, § 1, imd. effective. Amended 2001, Dec. 17, P.L. 926, No. 110, § 1, retroactive effective June 19, 2001.
Footnotes
13 Pa.C.S.A. § 3101 et seq.
53 Pa.C.S.A. § 5506, PA ST 53 Pa.C.S.A. § 5506
Current through Act 11 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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