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§ 1702-E.2. Bond issuance

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 72 P.S. Taxation and Fiscal AffairsEffective: April 25, 2016

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 72 P.S. Taxation and Fiscal Affairs
Chapter 1. The Fiscal Code (Refs & Annos)
Article XVII-E.2. School District Debt Refinancing Bonds (Refs & Annos)
Effective: April 25, 2016
72 P.S. § 1702-E.2
§ 1702-E.2. Bond issuance
Currentness
(a) Declaration of policy.--The General Assembly finds and declares that:
(1) Funding the payment of reimbursements to school districts for construction and reconstruction projects, through the authority, is in the best interest of the Commonwealth.
(2) The Financing Law is to be liberally construed to effect the legislative and public purposes.
(3) One of those stated purposes is the protection of “the health, safety and general welfare of the people of this Commonwealth” pursuant to 64 Pa.C.S. § 1503(6) (relating to findings and declaration of policy).
(4) In order to accomplish such a goal “it is desirable to build, improve and finance facilities owned by municipalities, municipal authorities and other authorities and instrumentalities of the Commonwealth,” which includes school districts, pursuant to 64 Pa.C.S. § 1503(7).
(b) Authority.--Notwithstanding any other law, the authority shall establish a program to issue bonds on behalf of school districts to provide reimbursements from the Commonwealth as required under Article XXV of the Public School Code of 19491 for approved rental or sinking fund charges.
(c) Debt or liability.--
(1) Bonds issued under this article shall not be a debt or liability of the Commonwealth and shall not create or constitute any indebtedness, liability or obligation of the Commonwealth.
(2) Bond obligations shall be payable solely from revenues or funds pledged or available for repayment as authorized under this article.
(3) Each bond must contain on its face a statement that:
(i) The authority is obligated to pay the principal of or interest on the bonds only from the revenues or funds pledged or available for repayment as authorized under this article.
(ii) Neither the Commonwealth nor any school district is obligated to pay the principal of or interest on the bonds.
(iii) The full faith and credit of the Commonwealth or of any school district is not pledged to the payment of the principal of or the interest on the bonds.
(d) Review for form and legality.--For the purposes of issuing bonds under this article, the duties of the Attorney General under section 204 of the act of October 15, 1980 (P.L. 950, No. 164),2 known as the Commonwealth Attorneys Act, relating to the issuance of bonds may be performed by the first deputy attorney general.

Credits

1929, April 9, P.L. 343, No. 176, art. XVII-E.2, § 1702-E.2, added 2016, April 25, P.L. 168, No. 25, § 15.1, imd. effective.

Footnotes

1
24 P.S. § 25-2501 et seq.
2
71 P.S. § 732-204.
72 P.S. § 1702-E.2, PA ST 72 P.S. § 1702-E.2
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
End of Document