§ 5505-A. Purposes and powers; general
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 16 P.S. CountiesEffective: October 30, 2000
Effective: October 30, 2000
16 P.S. § 5505-A
§ 5505-A. Purposes and powers; general
(a) Every Authority incorporated under this article shall be a public body, corporate and politic, exercising public powers of the Commonwealth as an agency thereof, and shall be for the purpose of acquiring, holding, constructing, improving, maintaining and operating, owning, leasing, either in the capacity of lessor or lessee, public auditoriums, the purpose and interest of this article being to benefit the people of the Commonwealth by, among other things, increasing their commerce and prosperity and promoting their educational, cultural, physical, civic, social and moral welfare.
(1) To have existence for a term of fifty (50) years and for such further period or periods as may be provided in articles of amendment approved under section 2504-A1 hereof.
(4) To acquire, purchase, hold, receive, lease as lessee and use any franchise, property, real, personal or mixed, tangible or intangible, or any interest therein, necessary or desirable for carrying out the purpose of the Authority, and to sell, lease as lessor, permit the use of, transfer and dispose of any property or interest therein or any project or part thereof, at any time acquired or constructed by it.
(8) To fix, alter, charge and collect rentals, admissions, license fees and other charges for the purpose of providing for the payment of the expenses of the Authority, the construction, improvement, repair, maintenance and operation of its facilities and properties, the payment of the principal of and interest on its obligations and to fulfill the terms and provisions of any agreements made with the purchasers or holders of any such obligations or with the incorporating county or city.
(9) To borrow money, make and issue negotiable notes, bonds, refunding bonds and other evidences of indebtedness or obligations (herein called “bonds”) of the Authority, said bonds to have a maturity date not longer than forty (40) years from the date of issue, except that no refunding bonds shall have a maturity date later than the life of the Authority, and to secure the payment of such bonds or any part thereof by pledge or deed of trust of all or any of its revenues and receipts and to make such agreements with the purchasers or holders of such bonds or with others in connection with any such bonds, whether issued or to be issued, as the Authority shall deem advisable, and, in general, to provide for the security for said bonds and the rights of the holders thereof.
(11) Without limitation of the foregoing, to borrow money and accept grants from, and to enter into contracts, leases, licenses or other transactions with, any Federal agency, the Commonwealth, municipality, private person, association, partnership, corporation or authority created under this or any other act of the General Assembly of Pennsylvania.
(c) The Authority shall have no power at any time or in any manner to pledge the credit or taxing power of the Commonwealth or any political subdivision, nor shall any of its obligations be deemed to be obligations of the Commonwealth or of any of its political subdivisions, nor shall the Commonwealth or any political subdivision thereof be liable for the payment of principal of or interest on such obligations.
Credits
1953, July 28, P.L. 723, No. 230, § 2505-A, added 2000, Oct. 30, P.L. 616, No. 85, § 6, imd. effective.
Footnotes
16 P.S. § 5504-A.
16 P.S. § 5505-A, PA ST 16 P.S. § 5505-A
Current through Act 13 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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