§ 15399g. Issuance of revenue bonds for industrial development projects.

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(a)General rule.--

(1)The county commissioners may issue revenue bonds of the county under 53 Pa.C.S. Pt. VII Subpt. B (relating to indebtedness and borrowing) to provide sufficient money for and toward the acquisition, construction, reconstruction, extension, equipping or improvement of an industrial development project.

(2)A project under paragraph

(1)may consist of any building or facility, or combination or part of a building or facility, occupied or utilized by an industrial, manufacturing or research and development enterprise existing or acquired on January 12, 1968, including any buildings, improvements, additions, extensions, replacements, appurtenances, lands, rights in land, water rights, franchises, machinery, equipment, furnishings, landscaping, utilities, railroad spurs and sidings, wharfs, approaches and roadways necessary or desirable in connection or incidental to the building or facility for the purposes of the project.

(3)A bond issued under paragraph

(1)shall be secured solely by the pledge of the whole or part of the fees, rents, tolls or charges derived from the ownership or operation of the facility or for the use or services of the facility.

(b)Lease of project.-- An industrial development project financed by the issuance of revenue bonds under this section may be leased by the county in whole or in part to a lessee or lessees for a period of years equal in time to the period of maturity of the bonds so issued.

(c)Costs of bond issue.-- Included in the cost of the bond issue may be any costs and expenses incident to constructing and financing the facilities and selling and distributing the bonds.

(d)Transfer.-- The county commissioners may:

(1)Sell, lease, lend, grant, convey, transfer or pay over the following, with or without consideration, to any authority created under the act of August 23, 1967 (P.L.251, No.102), known as the Economic Development Financing Law:

(i)a project or part of a project; or

(ii)any interest in real or personal property or money available for industrial development purposes, including the proceeds of revenue bonds issued for industrial development purposes under subsection (a).

(2)Assign, transfer and set over to an authority any project or interest in real or personal property listed under paragraph (1), along with any contract for the project or interest, which may have been awarded for the construction of projects not begun or not completed.

(e)Power to enter into contract.-- The county commissioners may enter into a contract or agreement with an authority or with a tenant or proposed tenant of an industrial development project and to do all things necessary or proper to effectuate the public purpose of this section.

16c15399hh

SUBCHAPTER Z.1

GRANTS TO NONPROFIT ART CORPORATIONS

Sec.

15399h. Grants to nonprofit art corporations.

16c15399hs