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§ 3946.7. Limitation on amount; direct obligations, exemption from taxation, means of payment

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 72 P.S. Taxation and Fiscal Affairs

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 72 P.S. Taxation and Fiscal Affairs
Chapter 3. State Fiscal Affairs in General (Refs & Annos)
State Debt
Project 70 Land Acquisition and Borrowing Act (Refs & Annos)
72 P.S. § 3946.7
§ 3946.7. Limitation on amount; direct obligations, exemption from taxation, means of payment
Currentness
(a) Anything contained in this act to the contrary notwithstanding, the aggregate principal amount of notes and bonds, exclusive of funding bonds and refunding bonds, which may be issued pursuant to the provisions of this act shall not exceed seventy million dollars ($70,000,000).
(b) All notes and bonds issued in accordance with the provisions of this act shall be direct obligations of the Commonwealth of Pennsylvania, and the faith and credit of the Commonwealth are hereby pledged for the payment of the interest thereon as the same shall become due and the payment of the principal thereof at maturity. All notes and bonds issued under the provisions of this act shall be exempt from taxation for State and local purposes. The principal of and interest on such notes and bonds shall be payable in lawful money of the United States of America.

Credits

1964, Special Sess., June 22, P.L. 131, No. 8, § 7.
72 P.S. § 3946.7, PA ST 72 P.S. § 3946.7
Current through Act 11 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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