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§ 5502. Legislative findings and policy

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 24 P.S. Education

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 24 P.S. Education
Chapter 28. The Pennsylvania Higher Educational Facilities Authority Act of 1967 (Refs & Annos)
24 P.S. § 5502
§ 5502. Legislative findings and policy
(a) The Senate and the House of Representatives hereby find that the commerce, prosperity, welfare and security of the Commonwealth require that this and future generations of youth be assured ample opportunity to develop their intellectual capacities and that this opportunity is and will continue to be jeopardized unless the institutions of higher education in this Commonwealth are encouraged and assisted in their efforts to accommodate rapidly mounting numbers of youth who desire and require higher education. The Senate and the House of Representatives further find that all institutions of higher education in this Commonwealth are an essential and integral part of the total educational resources and effort required to be employed to meet the tremendous need for higher education; that a serious public emergency exists from the lack of financial resources by such institutions with which to provide required educational facilities; and that it is necessary and proper for the Commonwealth to provide a measure of assistance and an alternative method to enable such institutions to provide educational facilities which are solely needed to accomplish the purposes of this act, all to the public benefit and good, to the extent and manner provided herein.
(b) The Senate and the House of Representatives further find that, because of seasonal fluctuations in revenues received in the form of tuitions, fees and appropriations by such institutions, it is often necessary for such institutions to obtain short-term loans at considerable interest expense to provide necessary working capital; that the availability of short-term revenue anticipation loans financed under this act for such purposes would reduce the interest expense of such institutions, thereby permitting such institutions to better serve the interests of the Commonwealth in promoting commerce, prosperity, security and general welfare; and that it is, therefore, necessary and proper for the Commonwealth to assist such institutions in obtaining short-term loans to fund their working capital requirements.

Credits

1967, Dec. 6, P.L. 678, § 2. Amended 1984, Oct. 12, P.L. 948, No. 185, § 1, imd. effective.
24 P.S. § 5502, PA ST 24 P.S. § 5502
Current through 2022 Regular Session Act 29. Some statute sections may be more current, see credits for details.
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