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§ 376.4. Financing authority loans

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 73 P.S. Trade and Commerce

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 73 P.S. Trade and Commerce (Refs & Annos)
Chapter 12. Economic Development Financing Law (Refs & Annos)
73 P.S. § 376.4
§ 376.4. Financing authority loans
(a) The financing authority shall ascertain to its satisfaction that:
(1) Firm commitments satisfactory to the financing authority have been obtained from responsible financial sources, which may include a Federal agency, project applicant or the project user, for the portion of project costs in excess of any loan requested from the financing authority.
(2) A firm commitment satisfactory to the financing authority from the project applicant or project user has been obtained to lease or use the project after acquisition is completed.
(3) The project user may reasonably be expected to comply with the terms of such lease or use.
(4) The project complies with all rules and regulations of the financing authority, if any.
(b) In addition to other provisions of this section limiting the power of the financing authority to make loans in respect to a particular project, no funds of the financing authority shall be used in respect of any project if the financing authority would be required to operate, service or maintain the project pursuant to any lease or other agreement except upon foreclosure or except upon the occurrence of a default in the payment or terms of any loan made. Nothing shall prevent the financing authority from transferring such property to the project applicant, project user or either of their designees at the end of the term of such financing.

Credits

1967, Aug. 23, P.L. 251, No. 102, § 6.4, added 1987, July 10, P.L. 273, No. 48, § 3, imd. effective. Amended 1993, Dec. 17, P.L. 490, No. 74, § 7, imd. effective.
73 P.S. § 376.4, PA ST 73 P.S. § 376.4
Current through the end of the 2023 Regular Session. Some statute sections may be more current, see credits for details.
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