64 Pennsylvania Consolidated Statutes Chapter 15 - Commonwealth Financing Authority

• Chapter Notes

Subchapter A.  General Provisions

• Section 1501 - Scope
  This chapter relates to the Commonwealth Financing Authority.
• Section 1502 - Construction
  (a) General rule.--This chapter shall be liberally construed in order to effect the legislative and public purposes as set forth in this subchapter. (b)...
• Section 1503 - Findings And Declaration Of Policy
  The General Assembly finds and declares as follows: (1) Activities which lead to the creation and retention of jobs within this Commonwealth, the establishment...
• Section 1504 - Definitions
  The following words and phrases when used in this chapter shall have the meaning given to them in this section unless the context clearly...

Subchapter B.  Structure and Powers

• Section 1511 - Authority
  (a) Establishment.--There is established an independent authority to be known as the Commonwealth Financing Authority. The authority shall be an instrumentality of the Commonwealth...
• Section 1512 - Board
  (a) Composition.--The board shall be composed of the following members: (1) The Secretary of Community and Economic Development or a designee. (2) The Secretary...
• Section 1513 - Powers
  (a) Powers.--The authority may do all of the following: (1) Adopt bylaws and guidelines proposed by the department as necessary. (2) Sue and be...
• Section 1514 - Limitation
  Except upon foreclosure or default under a loan made under this chapter, the board may not approve an application or finance a project if...

Subchapter C.  Bonds

• Section 1521 - Bonds Issuance
  (a) Authorization.--The authority may issue limited obligation revenue bonds and other types of limited obligation revenue financing. Bonds issued and financing incurred pursuant to...
• Section 1522 - Commonwealth Taxation
  (a) General.--The effectuation of the purposes of the authority is for the benefit of the people of this Commonwealth, for the increase of commerce...
• Section 1523 - Federal Taxation
  (a) Allocation.--If the bonds issued by the authority for a project are tax-exempt bonds for which Federal law requires an allocation, the department may...
• Section 1524 - Validity Of Bonds; Limitation On Actions
  (a) Presumption.--Bonds reciting in substance that they have been issued by the authority to accomplish the public purposes of this chapter shall be conclusively...
• Section 1525 - Provisions Of Bonds; Trust Agreements
  A resolution authorizing the issuance of bonds or any trust agreement approved in or by a resolution authorizing the issuance of bonds may contain...
• Section 1526 - Validity Of Pledge
  A pledge of or grant of a security interest in revenues or instruments made by the authority shall be valid and binding from the...
• Section 1527 - Commonwealth Pledges
  (a) Bondholders.--The Commonwealth pledges to and agrees with each obligee of the authority that the Commonwealth will not limit or alter the rights and...
• Section 1528 - Bonds To Be Legal Investments
  (a) Investments.--Bonds issued pursuant to this chapter are made securities in which all of the following may properly and legally invest funds, including capital,...
• Section 1529 - Rights And Remedies Of Obligees
  The rights and remedies conferred upon or granted to obligees of the authority pursuant to this chapter shall be in addition to and not...

Subchapter D.  Accounts, Indebtedness and Use

• Section 1541 - Trust Accounts
  The authority shall establish one or more trust accounts into which it shall deposit the proceeds of bonds authorized to be issued pursuant to...
• Section 1542 - Revolving Loan Program Accounts
  (a) The Business in Our Sites Program account.--The authority shall establish an account for the program established in section 1551 (relating to Business in...
• Section 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,...
• Section 1544 - Use
  (a) General rule.--Money of the authority shall be used by the board to fund the programs established in Subchapter E (relating to programs) and...

Subchapter E.  Programs

• Section 1551 - Business In Our Sites Program
  (a) Establishment.--There is established a program to be known as the Business in Our Sites Program. The program shall provide financial assistance for the...
• Section 1552 - First Industries Program
  (a) Establishment.--There is established a program to be known as the First Industries Program. The program shall provide financial assistance for projects related to...
• Section 1553 - Second Stage Loan Program
  (a) Establishment.--There is established a program to be known as the Second Stage Loan Program. The program shall provide loan guarantees to commercial lending...
• Section 1554 - New Pennsylvania Venture Guarantee Program
  (a) Establishment.--There is established a program to be known as the New Pennsylvania Venture Guarantee Program. The program shall provide guarantees to venture capital...
• Section 1555 - Building Pennsylvania Program
  (a) Establishment.--There is established a program to be known as the Building Pennsylvania Program. The program shall provide loans to fund managers for investment...
• Section 1556 - Tax Increment Financing Guarantee Program
  (a) Establishment.--There is established a program to be known as the Tax Increment Financing Guarantee Program. The program shall provide guarantees for tax increment...
• Section 1557 - New Pennsylvania Venture Capital Investment Program
  (a) Establishment.--There is established a program to be known as the New Pennsylvania Venture Capital Investment Program. The program shall provide loans to venture...
• Section 1558 - Water Supply And Wastewater Infrastructure Program
  (a) Establishment.--There is established a program to be known as the Water Supply and Wastewater Infrastructure Program. The program shall provide financial assistance in...

Last modified: October 8, 2016