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Indebtedness - 64 Pa. Cons. Stat. § 1543

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     § 1543.  Indebtedness.
        (a)  General rule.--Subject to the limitations of subsection
     (b), the authority may, in its own name, incur indebtedness,
     including through the issuance of bonds, in an amount necessary
     to fund the program as established in Subchapter E (relating to
     programs) and in 12 Pa.C.S. Ch. 29 (relating to machinery and
     equipment loans).
        (b)  Program limitations.--Indebtedness incurred by the
     authority under subsection (a) shall not, in aggregate, exceed
     any of the following:
            (1)  $300,000,000 for the program established in section
        1551 (relating to Business in Our Sites Program).
            (2)  $150,000,000 for the program established in section
        1552 (relating to First Industries Program).
            (3)  $60,000,000 for the program established in section
        1557 (relating to New Pennsylvania Venture Capital Investment
        Program).
            (4)  $150,000,000 for the program established in section
        1555 (relating to Building Pennsylvania Program).
            (5)  $75,000,000 for the program established in 12
        Pa.C.S. Ch. 29.
            (6)  $250,000,000 for the program established in section
        1554 (relating to New Pennsylvania Venture Guarantee
        Program).
            (7)  $100,000,000 for the program established in section
        1556 (relating to Tax Increment Financing Guarantee Program).
            (8)  $50,000,000 for the program established in section
        1553 (relating to Second Stage Loan Program).
        (c)  Fiscal year limitations.--
            (1)  Except as provided in subsection (d) and paragraphs
        (2), (3) and (4), the aggregate amount of indebtedness
        incurred by the authority, including through the issuance of
        bonds, may not exceed $250,000,000 reduced by the aggregate
        amount of Commonwealth indebtedness incurred under 12 Pa.C.S.
        Ch. 39 (relating to water supply and wastewater
        infrastructure capitalization).
            (2)  Except as provided in subsection (d) and paragraphs
        (3) and (4) and upon adoption of a resolution under
        subsection (f)(1), the aggregate amount of indebtedness
        incurred by the authority, including through the issuance of
        bonds, may not exceed $500,000,000 reduced by the aggregate
        amount of Commonwealth indebtedness incurred under 12 Pa.C.S.
        Ch. 39.
            (3)  Except as provided in subsection (d) and paragraph
        (4) and upon adoption of a resolution under subsection
        (f)(2), the aggregate amount of indebtedness incurred by the
        authority, including through the issuance of bonds, may not
        exceed $750,000,000 reduced by the aggregate amount of
        Commonwealth indebtedness incurred under 12 Pa.C.S. Ch. 39.
            (4)  Except as provided in subsection (d) and upon
        adoption of a resolution under subsection (f)(3), the
        aggregate amount of indebtedness incurred by the authority,
        including through the issuance of bonds, may not exceed
        $1,000,000,000 reduced by the aggregate amount of
        Commonwealth indebtedness incurred under 12 Pa.C.S. Ch. 39.
        (d)  Exception.--Subsection (c) shall not apply to the
     aggregate amount of indebtedness incurred by the authority,
     including through the issuance of bonds, for the following
     programs:
            (1)  The program established in section 1553.
            (2)  The program established in section 1554.
            (3)  The program established in section 1556.
        (e)  Certifications.--
            (1)  Beginning with fiscal year 2005-2006 and each fiscal
        year thereafter, after the final estimate required by section
        618 of the act of April 9, 1929 (P.L.177, No.175), known as
        The Administrative Code of 1929, is signed for the fiscal
        year, the Secretary of the Budget shall certify to the board
        all of the following:
                (i)  Whether sufficient surplus revenues will exist
            in the General Fund for the two succeeding fiscal years
            immediately following the fiscal year for which the
            estimate was signed to pay any liabilities which would be
            incurred by the Commonwealth during those years if the
            authority incurs an additional $250,000,000 of
            indebtedness.
                (ii)  The aggregate amount of liabilities which would
            be incurred by the Commonwealth for the two succeeding
            fiscal years immediately following the fiscal year for
            which the estimate was signed which are a result of the
            activities by the authority.
            (2)  The Secretary of the Budget shall publish the
        certification in the Pennsylvania Bulletin as soon as
        possible.
        (f)  Increases.--
            (1)  After publication of the certification required by
        subsection (e) for the fiscal year 2005-2006, unless the
        Secretary of the Budget certifies under subsection (e) that
        the sufficient surplus revenues will not exist, the board may
        adopt a resolution authorizing the incurring of additional
        indebtedness subject to the limitation of subsection (c)(2).
        If the Secretary of the Budget certifies under subsection (e)
        that the sufficient surplus revenues will not exist,
        indebtedness of the authority shall remain subject to
        subsection (c)(1), and, upon publication of a certification
        under subsection (e) that sufficient surplus revenues will
        exist, the board may adopt a resolution authorizing the
        incurring of additional indebtedness subject to subsection
        (c)(2).
            (2)  For the fiscal year following the adoption of a
        resolution under paragraph (1), unless the Secretary of the
        Budget certifies under subsection (e) that the sufficient
        surplus revenues will not exist, the board may adopt a
        resolution authorizing the incurring of additional
        indebtedness subject to the limitation of subsection (c)(3).
        If the Secretary of the Budget certifies under subsection (e)
        that the sufficient surplus revenues will not exist,
        indebtedness of the authority shall remain subject to
        subsection (c)(2), and, upon publication of a certification
        under subsection (e) that sufficient surplus revenues will
        exist, the board may adopt a resolution authorizing the
        incurring of additional indebtedness subject to subsection
        (c)(3).
            (3)  For the fiscal year following the adoption of a
        resolution under paragraph (2), unless the Secretary of the
        Budget certifies under subsection (e) that the sufficient
        surplus revenues will not exist, the board may adopt a
        resolution authorizing the incurring of additional
        indebtedness subject to the limitation of subsection (c)(4).
        If the Secretary of the Budget certifies under subsection (e)
        that the sufficient surplus revenues will not exist,
        indebtedness of the authority shall remain subject to
        subsection (c)(3), and, upon publication of a certification
        under subsection (e) that sufficient surplus revenues will
        exist, the board may adopt a resolution authorizing the
        incurring of additional indebtedness subject to subsection
        (c)(4).
     (Nov. 30, 2004, P.L.1708, No.218, eff. imd.)

        2004 Amendment.  Act 218 amended subsec. (c).
        Cross References.  Section 1543 is referred to in section
     1521 of this title.

Last modified: November 27, 2007