§ 2305. Authority responsibilities.

356 words·~2 min read·/pa/title-12/chapter-23/2305

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)General rule.-- The authority shall do all of the following:

(1)Administer the program.

(2)Establish written guidelines as necessary. Any guidelines established shall be included in the report required by Chapter 3 (relating to economic development financing strategy).

(3)Deposit payments made by recipients in the fund or the Pollution Prevention Assistance Account, as appropriate.

(4)Approve standards for certified economic development organization application fees.

(5)(Deleted by amendment).

(6)Except as provided under section 2306(c)(iii) (relating to capital development loans), determine the job retention or job creation requirements for each project financed in whole or in part through a loan or line of credit made under this chapter.

(b)Program.-- In administering the program, the authority may do any of the following:

(1)Provide grants or other financial assistance to certified economic development organizations for any of the following purposes:

(i)To establish loan reserve funds.

(ii)To reimburse loan losses to commercial banks and other financial institutions as a means of encouraging the expansion and financing of small businesses.

(2)Apply to the Ex-Im Bank for delegated authority lender status under the Ex-Im Bank's Working Capital Guaranty Program.

(3)Utilize the outstanding portfolio of loans and lines of credit made under this chapter to raise additional funds by selling, securing, hypothecating or otherwise using such loan proceeds as a financing vehicle if the funds raised are used by the authority for either of the following purposes:

(i)To make new and additional loans under this chapter.

(ii)To pay costs associated with financing.

(c)Additional powers.-- In addition to the powers authorized under this chapter and 64 Pa.C.S. Ch. 11 (relating to Pennsylvania Industrial Development Authority), the board may administer the program by exercising the powers granted to it under the act of May 17, 1956 (1955 P.L.1609, No.537), known as the Pennsylvania Industrial Development Authority Act.

12c2305v

(Oct. 22, 2014, P.L.2569, No.161, eff. Nov. 1, 2014)

2014 Amendment. Act 161 amended the section heading and subsecs.

(a)intro. par. and (4),

(b)intro. par.,

(1)and (3), added subsecs. (a)(6) and

(c)and deleted subsec. (a)(5).

12c2306s