§ 390.6. Activities and powers of the authority; general
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 73 P.S. Trade and Commerce
73 P.S. § 390.6
§ 390.6. Activities and powers of the authority; general
The 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 the following powers, in addition to others herein granted:
(8) To borrow money, make and issue negotiable notes, bonds, refunding bonds and other evidences of indebtedness or obligations (hereinafter called “bonds”) 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, receipts and contract rights, or other assets, real or personal, 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) To conduct examinations and investigations and to hear testimony and take proof, under oath or affirmation, at public or private hearings, on any matter material for its information and necessary to (i) the determination of the applicant's eligibility to receive a loan granted under this act; (ii) the determination of the economic viability of the loan; and (iii) the power to review the operation of any business that has received a loan granted under the authority of this act.
(15) To do all acts and things necessary or convenient to carry out the powers granted to it by this act or any other acts: Provided, however, That the authority shall have no power, at any time or in any manner, to pledge the credit or taxing power of the Commonwealth, nor shall any of its obligations or debts be deemed to be obligations of the Commonwealth, nor shall the Commonwealth be liable for the payment of principal or interest on such obligations.
Credits
1974, July 22, P.L. 598, No. 206, § 6, imd. effective.
73 P.S. § 390.6, PA ST 73 P.S. § 390.6
Current through Act 13 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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