§ 1121. Common application process
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 64 Pa.C.S.A. Public Authorities and Quasi-Public CorporationsEffective: November 1, 2014
Effective: November 1, 2014
64 Pa.C.S.A. § 1121
§ 1121. Common application process
(4)(i) The terms of all agreements for financial assistance awarded under this subchapter shall include any material terms, requirements or other conditions provided for agreements entered into under this subchapter. The authority may impose other terms and conditions if it determines that they are in the best interests of the Commonwealth, including a provision requiring collateral for any penalty which may be imposed.
(ii) Upon approving an application for a loan under the programs, the authority shall draw an advance equal to the principal amount of the loan from the appropriate account and, before disbursing loan funds to the applicant, require the applicant to execute a note and to enter into a loan agreement and any other agreement as the authority may require.
(g) Transition.--The board shall have all power and authority necessary to implement a transition and continuation of consideration of pending applications and any other pending administrative actions under section 6 of the act of May 17, 1956 (1955 P.L. 1609, No. 537),1 known as the Pennsylvania Industrial Development Authority Act, that are submitted to the authority for consideration prior to the effective date of this section.
Credits
2014, Oct. 22, P.L. 2569, No. 161, § 9.1, effective Nov. 1, 2014.
Footnotes
73 P.S. § 306 (repealed); see now, 12 Pa.C.S.A. §§ 3006, 3007 and 3008.
64 Pa.C.S.A. § 1121, PA ST 64 Pa.C.S.A. § 1121
Current through Act 11 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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