Purposes and powers; bonds - 64 Pa. Cons. Stat. § 6008

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     § 6008.  Purposes and powers; bonds.
        (a)  Authorization.--
            (1)  Bonds must be authorized by resolution of the board.
        A resolution authorizing the issuance of bonds must specify
        all of the following:
                (i)  Series.
                (ii)  Date of maturity not exceeding 40 years from
            date of issue.
                (iii)  Interest.
                (iv)  Denomination.
                (v)  Form, either coupon or fully registered without
            coupons.
                (vi)  Registration, exchangeability and
            interchangeability privileges.
                (vii)  Medium of payment and place of payment.
                (viii)  Terms of redemption.
                (ix)  Priorities in the revenue or receipts of the
            authority.
            (2)  Bonds must be signed by or must bear the facsimile
        signature of such officers as the authority determines.
        Coupon bonds must have attached interest coupons bearing the
        facsimile signature of the treasurer of the authority as
        prescribed in the authorizing resolution. Bonds may be issued
        and delivered notwithstanding that one or more of the signing
        officers or the treasurer has ceased to be an officer when
        the bonds are actually delivered. Bonds must be authenticated
        by an authenticating agent, a fiscal agent or a trustee, if
        required by the authorizing resolution.
            (3)  Bonds may be sold at public or private sale for a
        price determined by the authority. Bonds may be sold at
        private sale only if:
                (i)  the authority makes a written public explanation
            of the circumstances and justification for the private
            sale; and
                (ii)  the board approves the private sale by a vote
            of eight members of the board.
            (4)  Pending the preparation of definitive bonds, interim
        receipts may be issued to the purchaser and may contain terms
        and conditions as the authority determines.
        (b)  Negotiability.--Bonds shall have all the qualities of
     negotiable instruments under 13 Pa.C.S. Div. 3 (relating to
     negotiable instruments).
        (c)  Use of net proceeds.--The net proceeds of the issue of
     bonds or notes may be used to pay the costs of a project or to
     reimburse any costs initially paid by any State public body, the
     city, other political subdivision, agency, organization or
     person.
        (d)  Refunding authorized.--
            (1)  Subject to the provisions of the outstanding bonds,
        notes or other obligations issued under the former provisions
        of the act of June 27, 1986 (P.L.267, No.70), known as the
        Pennsylvania Convention Center Authority Act, formerly
        codified at 53 Pa.C.S. Ch. 59 (relating to Pennsylvania
        Convention Center Authority), and if not otherwise
        inconsistent, subject to the provisions of this chapter, the
        authority shall have the right and power to refund any
        outstanding debt, in whole or in part, at any time and shall
        have the right and power to refund any outstanding notes with
        bonds or bonds with notes.
            (2)  As used in this subsection, the term "refund" shall
        mean the issuance and sale of obligations the proceeds of
        which are used or are to be used for the payment or
        redemption of outstanding obligations upon or prior to
        maturity.

Last modified: November 27, 2007