§ 17348. Limitation of powers.
226 words·~1 min read·
/pa/title-16/chapter-173/17348A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§ 17348. Limitation of powers.
(a)Bonds.-- The Commonwealth pledges to and agrees with any:
(1)person, county, county seat, political subdivision or Federal agency subscribing to or acquiring the bonds to be issued by the authority for the construction or improvement of a convention center that the Commonwealth will not limit or alter the rights vested in the authority under law in any manner inconsistent with the obligations to the bondholders until all bonds issued, together with the interest, are fully paid and discharged; and
(2)Federal agency that in the event that a Federal agency shall construct or contribute money for the construction or improvement of a convention center that the Commonwealth shall not alter or limit the rights and powers of the authority in any manner which would be inconsistent with the due performance of any agreements between the authority and the Federal agency.
(b)Leases.-- The Commonwealth pledges to and agrees with any person that, as owner, leases or subleases a convention center to or from an authority created pursuant to this subchapter that the Commonwealth will not limit or alter the rights and powers vested in the authority or otherwise created by this subchapter in any manner which impairs the obligations of the authority until all obligations of the authority under the lease or sublease are fully met and discharged.
16c17349s