§ 9511.2. Special revenue bonds.

198 words·~1 min read·/pa/title-75/chapter-95/9511-2

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

(a)Payment source.-- A special revenue bond, note or other obligation issued under this chapter:

(1)shall not be deemed to be a debt or liability of the Commonwealth;

(2)shall not create or constitute any indebtedness, liability or obligation of the Commonwealth; and

(3)shall be payable solely from pledged revenues.

(b)Statement.-- A special revenue bond, note or other obligation issued under this chapter must contain a statement on its face that:

(1)the Commonwealth is not obligated to pay the bond, note or obligation or the interest on it except from pledged revenues; and

(2)neither the faith and credit, nor the taxing power of the Commonwealth is pledged to the payment of the principal or interest of the bond, note or obligation.

(c)Taxation.-- The issuance of a special revenue bond, note or other obligation under this chapter shall not directly, indirectly or contingently obligate the Commonwealth to levy a tax or to make an appropriation for payment.

75c9511.2v

(July 18, 2007, P.L.169, No.44, eff. imd.)

2007 Amendment. Act 44 added section 9511.2.

Cross References. Section 9511.2 is referred to in sections 8901, 9501, 9511.11 of this title.

75c9511.3s