(a) Industrial and business development.--The General Assembly finds that, pursuant to the provisions of section 7(a)(3) of Article VIII of the Constitution of Pennsylvania, the voters of the Commonwealth approved by referendum of April 10, 1984, the incurring of indebtedness of $190,000,000 to promote economic redevelopment throughout Pennsylvania through job producing programs; grants and loans for industrial and small business development; acquisition of equipment for vocational programs in secondary schools, community colleges and engineering degree-granting schools; agricultural development; and the acquisition, rehabilitation or development of facilities for community services and public recreation purposes, by providing for grants, loans, loan guarantees and investments to promote the economic redevelopment of the Commonwealth and to implement the approved referendum.

(b) Purpose of act.--It is the purpose of this act to implement section 5 of the act of February 24, 1984 (P.L. 99, No. 19), entitled “An act authorizing the indebtedness, with the approval of the electors, of $190,000,000 to promote economic redevelopment throughout Pennsylvania through job producing programs; grants and loans for industrial and small business development; acquisition of equipment for vocational programs in secondary schools, community colleges and engineering degree-granting schools; agricultural development; and the acquisition, rehabilitation or development of facilities for community services and public recreation purposes,” by providing for grants, loans, loan guarantees and investments to promote the economic redevelopment of the Commonwealth and to implement the approved referendum.