§ 4309. Bonds.
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/pa/title-12/chapter-43/4309A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§ 4309. Bonds.
(a)Issuance.-- Local financing or owner financing may be used to issue bonds to finance qualified projects.
(b)Restrictions.-- Bonds issued under this chapter may not be general obligations of the municipality or county.
(c)Use of proceeds.-- Funds generated from the issuance of a bond may only be used for the following purposes:
(1)Design, engineering and project development costs of a qualified project.
(2)Infrastructure related to and necessary for a qualified project.
(3)Purchase and installation cost of any equipment needed for a qualified project.
(4)Payment of normal and customary issuance and closing fees of a bond.
(5)Normal and customary administrative fees necessary to continue operations of the municipal or county financing agency. The fees can include, but are not limited to, audits and application fees.
12c4310s