§ 5510.5. Commonwealth pledges in cities of the first class
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 53 Pa.C.S.A. Municipalities GenerallyEffective: July 16, 2004
Effective: July 16, 2004
53 Pa.C.S.A. § 5510.5
§ 5510.5. Commonwealth pledges in cities of the first class
(1) Any person, firm or corporation, government agency, whether in this Commonwealth or elsewhere, or Federal agency subscribing to or acquiring the bonds to be issued by the authority that the Commonwealth will not limit or alter the rights hereby vested in the authority in any manner inconsistent with the obligations of the authority to the obligees of the authority until all bonds at any time issued, together with the interest thereon, are fully paid or provided for. The Commonwealth does further pledge to and agree with any Federal agency that, in the event that any Federal agency shall contribute any funds for the authority or any project, the Commonwealth will not alter or limit the rights and powers of the authority in any manner which would be inconsistent with the due performance of any agreements between the authority and any Federal agency.
(2) Any person who, as owner thereof, leases or subleases property to or from an authority that the Commonwealth will not limit or alter the rights and powers hereby vested in the authority or otherwise created by this chapter in any manner which impairs the obligations of the authority until all obligations of the authority under the lease or sublease are fully met and discharged.
Credits
2002, Dec. 30, P.L. 2001, No. 230, § 6, effective in 60 days. Reenacted 2004, July 16, P.L. 758, No. 94, § 6.1, imd. effective.
53 Pa.C.S.A. § 5510.5, PA ST 53 Pa.C.S.A. § 5510.5
Current through Act 11 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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