53 Pennsylvania Consolidated Statutes Chapter 81 - Incurring Debt And Issuing Bonds And Notes
Subchapter A. General Provisions
- Section 8101 - Combining Projects For Financing Or Series Of Bonds Or Notes For Sale
The governing body of a local government unit may by ordinance take any of the following actions in connection with the issuance of bonds...
- Section 8102 - Preliminary Authorizations As To Financing
The governing body of a local government unit may express its intent to evidence debt as electoral debt, nonelectoral debt or lease rental debt....
- Section 8103 - Ordinance Authorizing Issuance Of Bonds Or Notes Or Instruments Evidencing Lease Rental Debt
(a) General rule.--The ordinance or ordinances or, in the case of notes issued under section 8109 (relating to small borrowing for capital purposes), the...
- Section 8104 - Covenant To Pay Bonds Or Notes Or A Guaranty
(a) General rule.--The local government unit shall, in the ordinance authorizing the issue of bonds or notes or a guaranty or in such bonds...
- Section 8105 - Additional Provisions In Ordinance Authorizing Issuance Of Revenue Or Guaranteed Revenue Bonds Or Notes
In addition to the provisions required or permitted by sections 8103 (relating to ordinance authorizing issuance of bonds or notes or instruments evidencing lease...
- Section 8106 - Sinking Fund Depository And Trustee For Bondholders Or Noteholders
(a) General rule.--Every local government unit issuing bonds or notes other than notes issued under section 8109 (relating to small borrowing for capital purposes)...
- Section 8107 - Award Of Bonds Or Notes
When an acceptable proposal for the purchase of the bonds or notes, or any part thereof offered separately, has been received and is in...
- Section 8108 - Bond Anticipation Notes
(a) Issuance.--The governing body may evidence all or part of any electoral or nonelectoral debt by the issue of a series of bond anticipation...
- Section 8109 - Small Borrowing For Capital Purposes
(a) General rule.--Any local government unit may incur debt by resolution rather than by ordinance to be evidenced by notes to provide funds for...
- Section 8110 - Debt Statement
(a) General rule.--Before delivering any general obligation bonds or notes or guaranteed revenue bonds or notes constituting nonelectoral debt or before executing an instrument...
- Section 8111 - Submission To Department
(a) General rule.--Before delivering any bonds or notes other than notes representing small borrowings issued under section 8109 (relating to small borrowing for capital...
- Section 8112 - Agreements With Bondholders Or Noteholders
Except as otherwise specified in this subpart, a local government unit may enter into and perform contracts with the holders of its bonds or...
- Section 8113 - Lost, Stolen, Destroyed Or Mutilated Bonds Or Notes
(a) General rule.--If any temporary or definitive bond or note, including any tax anticipation note, lawfully issued under this subpart or under applicable law...
- Section 8114 - Evidence Of Signatures Of Holders And Of Ownership Of Bonds, Notes And Tax Anticipation Notes
Any request, consent or other instrument which may be required or permitted to be executed by the holders of bonds or notes, including tax...
- Section 8115 - Contractual Effect Of Ordinances And Resolutions
Except as otherwise provided in any ordinance or resolution authorizing or awarding bonds or notes or tax anticipation notes, the terms thereof and of...
- Section 8116 - Unfunded Actuarial Accrued Liability - Condition Precedent
No bond or note issued to fund an unfunded actuarial accrued liability shall be valid or obligatory in the hands of an original purchaser...
Subchapter B. Tax Anticipation Notes and Funding Debt
- Section 8121 - Power To Issue Tax Anticipation Notes
A local government unit may have power and authority, by resolution of its governing body, to borrow money from time to time in any...
- Section 8122 - Limitation On Amount Of Tax Anticipation Notes
(a) General rule.--No local government unit shall authorize or issue tax anticipation notes in any one fiscal year which in the aggregate shall exceed...
- Section 8123 - Maturity Date And Time Of Payment Of Interest
No tax anticipation notes shall be stated to mature beyond the last day of the fiscal year in which the tax anticipation notes are...
- Section 8124 - Other Terms Of Tax Anticipation Notes
Tax anticipation notes shall be issued in denominations, shall be subject to rights of prior redemption, shall have privileges of interchange and registration, shall...
- Section 8125 - Security For Tax Anticipation Notes And Sinking Fund
(a) General rule.--All tax anticipation notes issued in a single fiscal year shall be equally and ratably secured by the pledge of, security interest...
- Section 8126 - Certification As To Taxes And Revenues To Be Collected
Prior to each authorization of tax anticipation notes, authorized officers of the local government unit shall make an estimate of the moneys to be...
- Section 8127 - Sale Of Tax Anticipation Notes
Tax anticipation notes may be sold at public, private or invited sale as the governing body of the local government unit may determine. Any...
- Section 8128 - Condition Precedent To Validity Of Tax Anticipation Notes
No tax anticipation note shall be valid or obligatory in the hands of an original purchaser until certified copies of the authorizing and awarding...
- Section 8129 - Scope Of Unfunded Debt
For the purpose of this subchapter, "unfunded debt" means obligations of the same or one or more prior years incurred for current expenses, including...
- Section 8130 - Approval By Court To Fund Unfunded Debt
(a) General rule.--Whenever the governing body of a local government unit shall be of the opinion that it has outstanding unfunded debt, it may,...
Subchapter C. Provisions of Bonds and Notes
- Section 8141 - Form Of Bonds Or Notes
Bonds or notes may be issued in such denominations, in coupon form payable to bearer or registrable as to principal or in fully registered...
- Section 8142 - Limitations On Stated Maturity Dates
(a) General rule.--No bonds or notes shall be issued with a stated maturity date exceeding the sooner to occur of: (1) Forty years from...
- Section 8143 - Disposition Of Proceeds Notwithstanding Certain Limitations
A local government unit which issues bonds or notes to fund an unfunded actuarial accrued liability shall contribute to the applicable pension trust fund...
- Section 8144 - Number Of Interest Rates
A series of bonds or notes may have any number of interest rates or yields, subject to any limitation on such number fixed by...
- Section 8145 - Place And Medium Of Payment
Bonds or notes shall be payable in such coin or currency as at the respective dates of payment thereof shall be legal tender for...
- Section 8146 - Execution Of Bonds Or Notes
Bonds or notes, including tax anticipation notes, shall be signed by such officers of the local government unit, and coupon bonds shall have attached...
- Section 8147 - Pledge Of Revenues
The governing body of any local government unit which has determined to issue any revenue bonds or notes or any guaranteed revenue bonds or...
- Section 8148 - Deeds Of Trust And Other Agreements With Bondholders And Noteholders
(a) General rule.--A local government unit shall have the power to enter into any deed of trust, trust indenture or other agreement with any...
- Section 8149 - Negotiable Qualities Of Bonds And Notes
(a) Securities.--Bonds or notes issued pursuant to this subpart, including tax anticipation notes, which have all the qualities and incidents of securities under Title...
- Section 8150 - Temporary Bonds Or Notes Or Interim Receipts
Pending the preparation of definitive bonds or notes, including tax anticipation notes, temporary bonds or notes or interim receipts may be issued in such...
Subchapter D. Sale of Bonds and Notes
- Section 8161 - Manner Of Sale Of Bonds Or Notes
(a) General rule.--Except as otherwise specifically provided in this subpart and subject to subsection (b), bonds or notes may be sold at public or...
- Section 8162 - Contents Of Public Advertisement And Of Official Notice Of Sale
(a) Advertisement.--The advertisement of the availability of the official notice of sale shall contain the following: (1) The title, designation and principal amount of...
- Section 8163 - Proposals For Purchase
Every bid or proposal for bonds or notes shall be in writing, shall be properly executed and, in the case of public sale, shall...
- Section 8164 - Opening Of Bids
In the case of public sale, at the time and place fixed in the notice, the bids or proposal received shall be publicly opened...
- Section 8165 - Determination Of Highest And Best Bid
(a) General rule.--The highest responsible bidder shall be the one who, having complied with the terms of the official notice of sale, offers to...
- Section 8166 - Required Bid Security
In the case of public sale, bid security shall be given by each bidder, shall be in cash or by certified or official bank...
- Section 8167 - Reserved Right To Reject Bids
Every official notice of sale of bonds or notes shall provide that the right is reserved to the governing body of the local government...
- Section 8168 - Failure To Receive Conforming Bid
If bonds or notes are advertised for public sale and no conforming bid is received or if all bids are returned unopened, then the...
- Section 8169 - Determination Of Net Interest Cost And Net Interest Rate
(a) Net interest cost.--Net interest cost may be determined by using either the street method or the present worth method, whichever method shall be...
Last modified: October 8, 2016