§ 7378. Temporary financing authorization.

290 words·~1 min read·/pa/title-35/chapter-73/7378

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

(a)General rule.-- Pending the issuance of bonds of the Commonwealth, the Governor, Auditor General and State Treasurer are authorized on the credit of the Commonwealth to make temporary borrowings of such moneys as may from time to time be necessary to carry out the purposes of this subchapter and are authorized in the name and on behalf of the Commonwealth to enter into loan or credit agreements with any banks or trust companies or other lending institutions or persons in the United States having power to enter into the same.

(b)Notes.-- All temporary borrowings made under the authority of this section shall be evidenced by notes of the Commonwealth, which shall be issued from time to time for such amounts not exceeding in the aggregate the sum of $100,000,000 in such form and in such denominations, and subject to such terms and conditions of issue, prepayment or redemption and maturity, rate of interest and time of payment of interest, as the issuing officials shall direct. All notes issued under the authority of this section shall bear the facsimile signatures of the issuing officials and a facsimile of the Great Seal of the Commonwealth and shall be countersigned by one duly authorized officer of a duly authorized loan and transfer agent of the Commonwealth.

(c)Funding of notes.-- All such notes shall be funded and retired by the issuance and sale of bonds of the Commonwealth to the extent that payment of such notes has not otherwise been made or provided for.

(d)Proceeds.-- The proceeds of all such temporary borrowings shall be paid into the fund.

35c7378v

(Oct. 29, 2020, P.L.739, No.91, eff. 60 days)

2020 Amendment. Act 91 amended subsec. (d).

35c7378.1s