(a) That as a result of the activity of the Pennsylvania Industrial Development Authority in making available financial assistance to local industrial development agencies and as a result of the recent high level of the national economy, unemployment has been greatly reduced in the Commonwealth, the rate of migration from the Commonwealth has been slowed and the general welfare of the people of the Commonwealth has been improved.

(b) That the problem of unemployment and its resulting indigency has not been eliminated because the high level of the economy has not equally benefited all areas of the Commonwealth so that critical conditions of unemployment continue to exist, and because the improvements achieved in the remaining areas of the Commonwealth may be only temporary, due to the cyclical nature of the economy.

(c) That for the Commonwealth to continue to be successful in its efforts to alleviate unemployment, it is recognized that a goal of an unemployment rate of 6% of the labor force is no longer acceptable or meaningful; that a period of three years upon which to average the rate of unemployment is not sufficiently long to reflect the cyclical changes in the economy; and that the statutory requirements for financial assistance by the Commonwealth must be enlarged so as to permit industrial development agencies to continue to be eligible for such assistance until an unemployment rate of 4% is achieved for any five years of the preceding ten years.

(d) That if the Commonwealth is to keep pace with the national economy, to eliminate unemployment to a rate of 4% of the labor force, and to maintain said rate, to prevent further migration from the Commonwealth, and to maintain the rate of growth of the employment opportunities in the Commonwealth, it is deemed essential that the Pennsylvania Industrial Development Authority be authorized to make loans to industrial development agencies in an amount not in excess of 40% of a project cost in areas of the Commonwealth having an average rate of unemployment of 6% or higher for any five years of the preceding ten years and to make loans not in excess of 30% of a project cost in areas having an average rate of unemployment of between 4% and 6% for any five years of the preceding ten years.

Therefore, it is hereby declared to be the policy of the Commonwealth of Pennsylvania for the promotion of the health, safety, morals, right to gainful employment, business opportunities and general welfare of the inhabitants thereof and to more fully achieve the public purposes set forth in section 2 of this act,¹ that the Pennsylvania Industrial Development Authority shall continue to exist and operate for the public purpose of alleviating unemployment throughout the Commonwealth to an average rate over a ten year period of not in excess of 4% of the labor force. Such purpose is hereby declared to be a public purpose for which public money may be spent.