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Authority - 64 Pa. Cons. Stat. § 1511

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                               SUBCHAPTER B
                           STRUCTURE AND POWERS

     Sec.
     1511.  Authority.
     1512.  Board.
     1513.  Powers.
     1514.  Limitation.
     § 1511.  Authority.
        (a)  Establishment.--There is established an independent
     authority to be known as the Commonwealth Financing Authority.
     The authority shall be an instrumentality of the Commonwealth
     and a body corporate and politic, with corporate succession.
        (b)  Governance.--The authority shall be governed by the
     board. The powers of the authority shall be exercised by the
     board.
        (c)  Expenses.--Expenses of the authority shall be paid from
     assets or income of the authority. Except as provided in this
     chapter or by other law, the Commonwealth shall not be
     responsible for funding the expenses of the authority.
        (d)  Fiscal year.--The fiscal year of the authority shall be
     the same as the fiscal year of the Commonwealth.
        (e)  Audit.--
            (1)  The accounts and books of the authority shall be
        examined and audited annually by an independent certified
        public accounting firm.
            (2)  The authority shall, by December 31 of each year,
        file a copy of the audit required by paragraph (1) with the
        Secretary of the Senate and the Chief Clerk of the House of
        Representatives.
        (f)  Reports.--(Reserved).
        (g)  Publication.--The authority shall annually publish a
     concise financial statement in the Pennsylvania Bulletin.
        (h)  Cooperation.--Executive agencies shall cooperate with
     and provide assistance to the authority without financial
     reimbursement.
        (i)  Existence and dissolution.--
            (1)  The authority shall exist until terminated by law.
            (2)  The authority may be dissolved by law if all
        outstanding liabilities of the authority, including bonds and
        other contractual obligations, have been fully paid, retired,
        satisfied or discharged or provision has been made for
        payment of all outstanding liabilities of the authority,
        including bonds and other contractual obligations. Upon the
        dissolution of the authority, all funds, assets and other
        property of the authority shall vest in the Commonwealth.
        (j)  Procurement.--The authority shall be considered as an
     independent agency for the purposes of 62 Pa.C.S. Pt. I
     (relating to Commonwealth procurement code).
        (k)  Limitation on action.--If any provision of this section
     or section 1512 (relating to board) is held invalid by a court
     of competent jurisdiction, the authority shall not borrow
     further moneys nor issue further bonds, and the authority shall
     not further disburse to any person proceeds of any issue of
     bonds previously authorized. All provisions of outstanding bonds
     of the authority and all rights and remedies of obligees of the
     authority under this chapter shall be and shall remain valid and
     enforceable.
        (l)  Relationship with department.--
            (1)  The department shall provide administrative services
        and staff, including staff legal counsel, to the authority
        and the board. The authority shall reimburse the department
        for the cost of providing the administrative services and
        staff.
            (2)  The authority may enter into agreements with the
        department setting forth the rights and obligations they have
        to each other in carrying out their respective
        responsibilities under and to further the intent of this
        chapter.
        (m)  Applicability.--The following acts shall apply to the
     authority and the board:
            (1)  The act of June 21, 1957 (P.L.390, No.212), referred
        to as the Right-to-Know Law.
            (2)  The act of July 19, 1957 (P.L.1017, No.451), known
        as the State Adverse Interest Act.
            (3)  The provisions of 65 Pa.C.S. Chs. 7 (relating to
        open meetings) and 11 (relating to ethics standards and
        financial disclosure).

        Nonseverability.  Section 6(2) of Act 22 of 2004 provided
     that if section 1511 or 1512 or the application to any person or
     circumstance is held invalid, the remaining provisions or
     applications of Act 22 are void.
        Cross References.  Section 1511 is referred to in section
     1504 of this title; section 3902 of Title 12 (Commerce and
     Trade).

Last modified: November 27, 2007