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Definitions - 74 Pa. Cons. Stat. § 1701

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                                CHAPTER 17
                 METROPOLITAN TRANSPORTATION AUTHORITIES

     Subchapter
        A.  General Provisions
        B.  Authorization and Organization of Authorities
        C.  Powers and Duties
        D.  Funds and Bonds of Authorities
        E.  Miscellaneous Provisions

        Enactment.  Chapter 17 was added February 10, 1994, P.L.20,
     No.3, effective immediately.
        Cross References.  Chapter 17 is referred to in section
     5511.2 of Title 18 (Crimes and Offenses); section 3938 of Title
     62 (Procurement).

                               SUBCHAPTER A
                            GENERAL PROVISIONS

     Sec.
     1701.  Definitions.
     § 1701.  Definitions.
        The following words and phrases when used in this chapter
     shall have the meanings given to them in this section unless the
     context clearly indicates otherwise:
        "Authority."  Any body corporate and politic created under
     this chapter or created under the former provisions of Article
     III of the act of January 22, 1968 (P.L.42, No.8), known as the
     Pennsylvania Urban Mass Transportation Law, or the former
     provisions of Chapter 15 (relating to metropolitan
     transportation authorities) and continued under this chapter.
        "Board."  The governing and policymaking body of an
     authority.
        "Bonds."  Notes, bonds, bond anticipation notes, refunding
     notes and bonds, interim certificates, debentures and other
     evidences of indebtedness or obligations which an authority is
     authorized to issue under this chapter.
        "Cash flow deficit."  A cash deficit occurring solely because
     revenues and expenditures, even when in balance on a fiscal year
     basis or with respect to any other period of computation, are
     not received and disbursed at equivalent rates throughout the
     fiscal year or other period of computation.
        "Comprehensive transportation plan."  A comprehensive
     statement consisting of maps, charts and textual matter of an
     authority's policies, strategies and objectives for the
     development of the transportation system consistent with the
     legislative findings and declared policy of this chapter and the
     rights, powers and duties of the authority.
        "Department."  The Department of Transportation of the
     Commonwealth.
        "Federal agency."  The Federal Government, the President of
     the United States and any department or corporation, agency or
     instrumentality heretofore or hereafter created, designated or
     established by the Federal Government.
        "Government agency."  The Governor, departments, boards,
     commissions, authorities and other officers and agencies of this
     Commonwealth, including, but not limited to, those which are not
     subject to the policy supervision and control of the Governor,
     any political subdivision, municipality, municipal or other
     local authority and any officer or agency of any such political
     subdivision or local authority. The term does not include any
     court or other officer or agency of the unified judicial system
     or the General Assembly or its officers and agencies.
        "Government obligations."
            (1)  Direct obligations of or obligations the principal
        of and interest on which are unconditionally guaranteed by
        the Federal Government, including, but not limited to,
        evidences of a direct ownership interest in future interest
        or principal payments on obligations issued or guaranteed by
        the Federal Government, which obligations are held in a
        custody account by a custodian under the terms of a custody
        agreement.
            (2)  The term includes obligations issued by any state of
        the United States or any political subdivision, public
        instrumentality or public authority of any state of the
        United States, provision for the full and timely payment of
        the principal or premium of and interest on which shall have
        been made by deposit with a trustee or escrow agent under an
        irrevocable security agreement of obligations described in
        paragraph (1).
        "Legislative body."  The term shall mean, in counties of the
     first class, the city council, in the other counties, the board
     of county commissioners or the county council and, in the other
     municipalities, that body authorized by law to enact ordinances.
        "Majority."  Any whole number constituting more than half of
     the total number.
        "Master trust indenture."  A trust indenture, trust agreement
     or deed of trust providing for the incurrence of indebtedness
     guaranteed on a joint and several basis by a group of obligated
     issuers.
        "Mayor."  The chief executive officer of any first class city
     in any first class county.
        "Metropolitan area."  All of the territory within the
     boundaries of any county of the first class and all other
     counties located in whole or in part within 20 miles of the
     first class county.
        "Municipality."  Any city, county, borough, incorporated
     town, township or other political subdivision. The terms
     "municipality" and "political subdivision" shall have the same
     meaning when used in this chapter.
        "Obligee of an authority."  Any holder or owner of any bond
     of an authority or any trustee or other fiduciary for any such
     holder or any provider of a letter of credit, policy of
     municipal bond insurance or other credit enhancement or
     liquidity facility for bonds of an authority.
        "Person."  The term shall mean and include corporations,
     partnerships, associations, Federal agencies, the Commonwealth,
     government agencies and other entities, as well as natural
     persons.
        "Political subdivision."  Any county, city, borough,
     incorporated town, township, school district, vocational school
     district and county institution district.
        "Project."  Any structure, facility or undertaking which an
     authority is authorized to acquire, construct, improve, lease,
     maintain, operate, contract for or otherwise function with
     respect to under the provisions of this or any other act,
     including, but not limited to, all work and material incidental
     thereto and all costs thereof, including all amounts necessary
     to place the project into operation.
        "Qualified financial institution."  A bank, bank and trust
     company, trust company, national banking association, insurance
     company or other financial services company whose unsecured
     long-term debt obligations, in the case of a bank, trust
     company, national banking association or other financial
     services company, or whose claims paying abilities, in the case
     of an insurance company, are rated in any of the three highest
     rating categories without reference to subcategories by a rating
     agency. For purposes of this definition, the term "financial
     services company" shall include any investment banking firm or
     any affiliate or division thereof which may be legally
     authorized to enter into the transactions described in this
     chapter pertaining, applicable or limited to a qualified
     financial institution.
        "Rating agency."
            (1)  The term includes the following:
                (i)  Standard & Poor's Corporation and any successor
            thereto.
                (ii)  Moody's Investors Service and any successor
            thereto.
                (iii)  Fitch Investors Service, Inc., and any
            successor thereto.
            (2)  If the rating agencies cited in paragraph (1) shall
        no longer perform the functions of a securities rating
        service, the term shall mean any other nationally recognized
        rating service or services.
        "Real estate-related matter."  A transaction or agreement
     which involves any fee, leasehold or other estate or interest
     in, over or under real property in which the authority has an
     interest or wishes to acquire an interest, including, but not
     limited to, structures, fixtures and other improvements and
     interests which by custom, usage or law pass with the conveyance
     of real property though not described in the contract of sale or
     instrument of conveyance. The term includes parcels with or
     without upper or lower boundaries and spaces that may be filled
     with air or water and includes any contract, joint venture,
     management or brokerage agreement which is related directly or
     indirectly thereto.
        "Transportation system."  All property, real and personal,
     useful for the transportation of passengers for hire, including,
     but not limited to, power plants, substations, terminals,
     garages, bridges, tunnels, subways, elevated lines, monorails,
     railroad motive power, trains, railroad passenger cars and
     equipment, belt conveyors, inclines, car barns, street cars,
     buses, rails, lines, poles, wires, stations and off-street
     parking facilities rights-of-way, as well as the franchises,
     rights and licenses therefor, including rights to provide group,
     party and paratransit services. The term shall not include a
     taxicab.

Last modified: November 27, 2007