§ 2399.5. Purposes and powers; general
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 16 P.S. Counties
16 P.S. § 2399.5
§ 2399.5. Purposes and powers; general
(a) An authority created under this subdivision shall be a public body, corporate and politic, exercising public powers of the Commonwealth as an agency and instrumentality and shall be for the purpose, without limitation, by itself or by agreement in cooperation with others, of acquiring, holding, developing, designing, constructing, improving, maintaining, managing, operating, financing, furnishing, fixturing, equipping, repairing, leasing or subleasing, either in the capacity of lessor or lessee or sublessor or sublessee, and owning a convention center, or parts thereof.
(6) To acquire, hold, develop, design, construct, improve, maintain, manage, operate, furnish, fixture, equip, repair, own, lease or sublease a convention center, or parts thereof, and to make, enter into and award contracts with any person, association, partnership or corporation for the development, design, financing, construction, improvement, maintenance, operation, management, furnishing, fixturing, equipping and repairing of a convention center, or parts thereof.
(10) To borrow money for the purpose of paying the costs of a project and to evidence the same; make and issue negotiable bonds of the authority; secure payment of the bonds, or any part thereof, by pledge or deed of trust of all or any of its revenues (including any hotel room rental tax), rentals, receipts and contract rights; make such agreements with the purchasers or holders of the bonds or with other obligees of the authority in connection with the bonds, whether issued or to be issued, as the authority shall deem advisable, which agreements shall constitute contracts with the holders or purchasers; obtain such credit enhancement or liquidity facilities in connection with the bonds as the authority shall determine to be advantageous; and, in general, provide for the security of the bonds and the rights of the bondholders.
(14) To procure such insurance containing such coverages, including, without limitation, insurance covering the timely payment in full of principal of and interest on bonds of the authority, in such amounts, from such insurers, as the authority may determine to be necessary or desirable for its purposes.
(17) To invest funds held in reserve or sinking funds or funds not required for immediate disbursements as authorized by section 2399.13(d).1
(18) To appoint all officers, agents and employes required for the performance of its duties and fix and determine their qualifications, duties and compensation and retain or employ other agents or consultants, including, but not limited to, architects, auditors, engineers, private legal counsel and private consultants, on a contract basis or otherwise for rendering professional or technical services and advice.
(c)(1) The authority shall have no power to pledge the credit or taxing powers of a State public body, a political subdivision or the county, nor shall its obligations be deemed obligations of any State public body, a political subdivision or the county, nor shall any State public body, a political subdivision or the county be liable for the payment of principal or interest on such obligations.
Credits
1955, Aug. 9, P.L. 323, No. 130, § 2399.5, added 1999, Nov. 3, P.L. 461, No. 42, § 3, imd. effective.
Footnotes
16 P.S. § 2399.13.
16 P.S. § 2399.5, PA ST 16 P.S. § 2399.5
Current through Act 13 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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