§ 5513. Pledge by Commonwealth
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. § 5513
§ 5513. Pledge by Commonwealth
(a) Power of authorities.--The Commonwealth pledges to and agrees with any person, firm or corporation or Federal agency subscribing to or acquiring the bonds to be issued by the authority for the construction, extension, improvement or enlargement of a project or part thereof that the Commonwealth will not limit or alter the rights vested by this chapter in the authority until all bonds and the interest on them are fully met and discharged.
(1) the Commonwealth will not alter or limit the rights and powers of the authority in any manner which would be inconsistent with the continued maintenance and operation of the project or the improvement thereof or which would be inconsistent with the due performance of agreements between the authority and any Federal agency; and
(2) the authority shall continue to have and may exercise all powers granted in this chapter as long as the powers are necessary or desirable for carrying out the purposes of this chapter and the purposes of the United States in the construction or improvement or enlargement of the project or portion thereof.
Credits
2001, June 19, P.L. 287, No. 22, § 1, imd. effective.
53 Pa.C.S.A. § 5513, PA ST 53 Pa.C.S.A. § 5513
Current through Act 11 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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