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Commonwealth pledges - 74 Pa. Cons. Stat. § 1765

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     § 1765.  Commonwealth pledges.
        (a)  Limitation of powers.--
            (1)  The Commonwealth does hereby pledge to and agree
        with any person, firm or corporation, government agency,
        whether in this Commonwealth or elsewhere, or Federal agency
        subscribing to or acquiring the bonds to be issued by the
        authority that the Commonwealth will not limit or alter the
        rights hereby vested in the authority in any manner
        inconsistent with the obligations of the authority to the
        obligees of the authority until all bonds at any time issued,
        together with the interest thereon, are fully paid or
        provided for. The Commonwealth does further pledge to and
        agree with any Federal agency that, in the event that any
        Federal agency shall contribute any funds for the authority
        or any project, the Commonwealth will not alter or limit the
        rights and powers of the authority in any manner which would
        be inconsistent with the due performance of any agreements
        between the authority and any Federal agency.
            (2)  The Commonwealth does hereby pledge to and agree
        with any person who, as owner thereof, leases or subleases
        property to or from an authority that the Commonwealth will
        not limit or alter the rights and powers hereby vested in the
        authority or otherwise created by this chapter in any manner
        which impairs the obligations of the authority until all
        obligations of the authority under the lease or sublease are
        fully met and discharged.
        (b)  Tax proceeds.--If and to the extent that the authority
     pledges its share of the proceeds of a tax authorized by law to
     be levied for authority purposes or made available for use by
     the authority as security for the payment of bonds issued by the
     authority, the Commonwealth does hereby pledge to and agree with
     any person, firm or corporation, government agency, whether in
     this Commonwealth or elsewhere, or Federal agency subscribing to
     or acquiring such bonds to be issued by the authority that the
     Commonwealth itself will not, nor will it authorize any
     government entity levying such tax to, abolish or to reduce the
     rate of tax imposed for authority purposes or made available for
     use by the authority until all bonds so secured by the pledge of
     the authority, together with the interest thereon, are fully
     paid or provided for.

Last modified: November 27, 2007