§ 305. Powers of the Authority; general
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 73 P.S. Trade and Commerce
73 P.S. § 305
§ 305. 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:
(d) 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 the determination and designation of critical economic areas and the establishment of industrial development projects therein;
(h) To make, upon proper application of industrial development agencies, loans to such industrial development agencies of moneys held in the Industrial Development Fund or other accounts of the Authority for industrial development projects in critical economic areas and to provide for the repayment and redeposit of such allocations and loans in the manner hereinafter provided;
(p) To take title by foreclosure to any industrial development project where such acquisition is necessary to protect any loan previously made therefor by the Authority and to pay all costs arising out of such foreclosure and acquisition from moneys held in the Industrial Development Fund or other accounts of the Authority and to sell, transfer and convey any such industrial development project to any responsible buyer; in the event such sale, transfer and conveyance cannot be effected with reasonable promptness, the Authority may, in order to minimize financial losses and sustain employment, lease such industrial development project to a responsible tenant or tenants; the Authority shall not lease industrial development projects except under the conditions and for the purposes cited in this section;
(q) To purchase first mortgages and to make payments on first mortgages on any industrial development project where such purchase or payment is necessary to protect any loan previously made therefor by the Authority, and to sell, transfer, convey and assign any such first mortgage. Moneys so used by the Authority in the purchase of any first mortgages, or any payments thereon, shall be withdrawn from the Industrial Development Fund, and any moneys derived from the sale of any first mortgages shall be deposited by the Authority in the Industrial Development Fund;
(r) To borrow money and to issue notes, bonds or other evidences of the indebtedness created thereby and to secure the payment of such notes, bonds or other evidences of the indebtedness or any part thereof by pledge or assignment of all or any of the mortgages of the Authority, its revenues and receipts therefrom or its revenues generally, and to make such agreements with the lenders or with purchasers or holders of bonds or with others in connection with any such borrowings as the Authority shall deem advisable;
Provided, however, That the Authority shall have no power at any time to pledge the credit or taxing power of the Commonwealth or any of its municipalities or political subdivisions, nor shall any of its obligations be deemed to be obligations of the Commonwealth or any of its political subdivisions.
Credits
1956, May 17, P.L. (1955) 1609, § 5. Amended 1961, July 18, P.L. 793, § 1; 1963, July 10, P.L. 221, § 3; 1973, Sept. 27, P.L. 257, No. 73, § 1; 1980, May 15, P.L. 131, No. 49, § 2, imd. effective; 1988, July 13, P.L. 534, No. 95, § 3, effective July 1, 1988.
73 P.S. § 305, PA ST 73 P.S. § 305
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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