§ 791.2. Definitions
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 24 P.S. Education
24 P.S. § 791.2
§ 791.2. Definitions
The following terms whenever used or referred to in this act shall have the following meanings, except in those instances where the context clearly indicates otherwise:
(g.1) “Local sponsor” shall mean a school district or a county, municipality, township or a county board of school directors, or any combination of school districts, counties, municipalities, townships or county boards of school directors which participate in the establishment and operation of a community college;
(g.2) “Community college” shall mean a public college or technical institute as established under the act of August 24, 1963 (P.L. 1132), known as the “Community College Act of 1963”;2
(h) “Cost of a project” shall include, but shall not be limited to, the cost of all real estate, properties, rights and easements acquired, the cost of construction of school buildings and the furnishing and equipment thereof, all financing charges, interest prior to and during construction, engineering, architects' and legal expenses, including the cost of plans, specifications and surveys, estimates of costs and revenues, administrative expenses, and such other expenses as are necessary or incident to the financing herein authorized or to determine the feasibility or practicability of any project and the condemnation of property necessary for use of, or in connection with, any school building;
(i) “Present Worth Method” shall mean the semiannual rate, compounded semiannually, necessary to discount to present worth as of the date of the bonds or notes the amounts payable on each interest payment date and on each stated maturity or earlier mandatory redemption date so that the aggregate of such amounts will equal the purchase price offered therefor exclusive of interest accrued to the date of delivery. The present worth interest cost shall be stated in terms of an annual percentage rate and shall be that rate of interest which is twice the semiannual rate so ascertained;
1947, July 5, P.L. 1217, § 2. Amended 1949, April 20, P.L. 636, § 1; 1967, July 18, P.L. 175, § 1; 1982, Dec. 17, P.L. 1372, No. 314, § 1, imd. effective; 1984, March 23, P.L. 138, No. 26, § 1, imd. effective.
Now Department of Education; see 71 P.S. §§ 1037, 1038. of Education; see 71 P.S. §§ 1037, 1038.
24 P.S. § 5201 et seq. (repealed); see 24 P.S. § 19-1901-A et seq.
24 P.S. § 791.2, PA ST 24 P.S. § 791.2
Current through 2022 Regular Session Act 117. Some statute sections may be more current, see credits for details.
|End of Document|