§ 376.2. Powers of the financing authority; general
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 73 P.S. Trade and Commerce
73 P.S. § 376.2
§ 376.2. Powers of the financing authority; general
The financing authority, as a public corporation and governmental instrumentality exercising public powers of the Commonwealth, is hereby granted and shall have and may exercise all powers necessary or appropriate to carry out and effectuate the purposes of this act, including, but not limited to, the following powers:
(6) To enter into financing agreements with project applicants and project users providing, among other things: (i) for loan, lease or sale financing or other financing of projects for project applicants or project users; (ii) for loan, rental or purchase price payments or other payments sufficient to amortize the principal, interest and premium, if any, of all bonds and other obligations of the financing authority incurred to provide funds to pay the costs of the projects to be financed; (iii) for the project applicants or project users to pay or cause to be paid all other costs of acquiring, constructing, maintaining and operating the projects; (iv) for conveyance with or without consideration of any part or all of a project to the project user or project applicant on or before payment of all bonds and other obligations of the financing authority incurred with respect to such project; and (v) for such other matters as are customary in such agreements or as may be deemed necessary or appropriate by the financing authority; and to make contracts of every name and nature, and to execute all instruments necessary or convenient for the carrying on of its business.
(7) To borrow money and issue bonds and other evidences of indebtedness created thereby, to secure the payment of such bonds or other evidences of the indebtedness or any part thereof by pledge, mortgage or assignment of all or any part of the property of the financing authority, its revenues and receipts therefrom or its revenues generally, and to provide for the rights of the lenders and holders thereof in accordance with the provisions of this act.
(8) To acquire and sell loans, mortgages and security interests at public or private sale, to negotiate modifications or alterations in mortgages and security interests, to foreclose on any mortgage or security interest in default or commence any action to protect or enforce any right conferred upon it by any law, mortgage, security agreement, contract or other agreement, to bid for and purchase property which was the subject of such mortgage or security interest at any foreclosure or at any other sale, to acquire or take possession of any such property, and to exercise any and all rights as provided by law for the benefit or protection of the financing authority or mortgage or security interest holders.
(11) To accept gifts, grants, loans and other aid from the Federal Government, the Commonwealth or any political subdivision of the Commonwealth, or any person or corporation, foundation or legal entity, and to agree to and comply with any conditions attached to Federal and Commonwealth financial assistance not inconsistent with the provisions of this act.
(15) Subject to any agreement with holders of its bonds, to obtain as security for payment of all or any part of the principal of and interest and premium on the bonds, lines of credit and letters of credit in any amounts and upon any terms as the bank may determine, and to pay any fees and expenses required in connection therewith.
(16) To contract for the services of attorneys, accountants and financial experts and any other advisors, consultants and agents as may be necessary in its judgment, subject to the requirement that the chairman shall ensure that minority-owned or minority-controlled firms shall have an opportunity to participate to a significant degree in the provision of any contractual services purchased by the authority.
(20) To finance all or part of an interagency project which meets the requirements of section 6.3(a)1 of this act.
Credits
1967, Aug. 23, P.L. 251, § 6.2, added 1987, July 10, P.L. 273, No. 48, § 3, imd. effective. Amended 1993, Dec. 17, P.L. 490, No. 74, § 7, imd. effective.
Footnotes
73 P.S. § 376.3(a).
73 P.S. § 376.2, PA ST 73 P.S. § 376.2
Current through 2023 Regular Session Act 1. Some statute sections may be more current, see credits for details.
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