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Federal taxation - 64 Pa. Cons. Stat. § 1523

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     § 1523.  Federal taxation.
        (a)  Allocation.--If the bonds issued by the authority for a
     project are tax-exempt bonds for which Federal law requires an
     allocation, the department may issue an allocation upon receipt
     of a written request by the board. An allocation must be issued
     by the department prior to the approval of the resolution
     authorizing the issuance of the bonds by the board.
        (b)  Approval.--If gubernatorial approval is required by
     Federal or Commonwealth law, the Governor may approve the
     issuance of bonds by the authority upon receipt of written
     request for approval from the board. The written request must
     state all of the following:
            (1)  The authority has conducted a public hearing, with
        appropriate public notice, concerning the purposes for which
        the bonds are to be issued.
            (2)  A description of the project or projects to be
        financed.
            (3)  A description of the method of financing the project
        or projects.
            (4)  A summary of the comments made and questions posed
        at the public hearing.

Last modified: November 27, 2007