Sec. 326. Restrictions on borrowing
151 words·~1 min read·
/bill/114/s/2381/is/section-326·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The Commonwealth government may not borrow money during a control year, unless the Authority provides to the Governor a certification that both the receipt of funds through that borrowing and the repayment of obligations incurred through the borrowing are consistent with the financial plan and budget for the control year. If the Authority determines that a borrowing proposed to be carried out by the Commonwealth government under subsection
(a)is not consistent with the financial plan and budget, the Governor may submit to the Authority a proposed revision to the financial plan and budget in accordance with section 324(b)(5) to ensure that the borrowing is consistent with the revised financial plan and budget. This subsection shall apply with respect to any borrowing carried out by the Commonwealth government, including— borrowing through the issuance of bonds; the exercise of authority to obtain funds from the United States Treasury; or any other means.