Pennsylvania § 1543 - Indebtedness.

§ 1543. Indebtedness.

(a) General rule.--Subject to the limitations of subsection (b), the authority may, in its own name, incur indebtedness, including through the issuance of bonds, in an amount necessary to fund the program as established in Subchapter E (relating to programs) and in 12 Pa.C.S. Ch. 29 (relating to machinery and equipment loans).

(b) Program limitations.--Indebtedness incurred by the authority under subsection (a) shall not, in aggregate, exceed any of the following:

(1) $300,000,000 for the program established in section 1551 (relating to Business in Our Sites Program).

(2) $150,000,000 for the program established in section 1552 (relating to First Industries Program).

(3) $60,000,000 for the program established in section 1557 (relating to New Pennsylvania Venture Capital Investment Program).

(4) $150,000,000 for the program established in section 1555 (relating to Building Pennsylvania Program).

(5) $75,000,000 for the program established in 12 Pa.C.S. Ch. 29.

(6) $250,000,000 for the program established in section 1554 (relating to New Pennsylvania Venture Guarantee Program).

(7) $100,000,000 for the program established in section 1556 (relating to Tax Increment Financing Guarantee Program).

(8) $50,000,000 for the program established in section 1553 (relating to Second Stage Loan Program).

(c) Fiscal year limitations.--

(1) Except as provided in subsection (d) and paragraphs (2), (3) and (4), the aggregate amount of indebtedness incurred by the authority, including through the issuance of bonds, may not exceed $250,000,000 reduced by the aggregate amount of Commonwealth indebtedness incurred under 12 Pa.C.S. Ch. 39 (relating to water supply and wastewater infrastructure capitalization).

(2) Except as provided in subsection (d) and paragraphs (3) and (4) and upon adoption of a resolution under subsection (f)(1), the aggregate amount of indebtedness incurred by the authority, including through the issuance of bonds, may not exceed $500,000,000 reduced by the aggregate amount of Commonwealth indebtedness incurred under 12 Pa.C.S. Ch. 39.

(3) Except as provided in subsection (d) and paragraph (4) and upon adoption of a resolution under subsection (f)(2), the aggregate amount of indebtedness incurred by the authority, including through the issuance of bonds, may not exceed $750,000,000 reduced by the aggregate amount of Commonwealth indebtedness incurred under 12 Pa.C.S. Ch. 39.

(4) Except as provided in subsection (d) and upon adoption of a resolution under subsection (f)(3), the aggregate amount of indebtedness incurred by the authority, including through the issuance of bonds, may not exceed $1,000,000,000 reduced by the aggregate amount of Commonwealth indebtedness incurred under 12 Pa.C.S. Ch. 39.

(d) Exception.--Subsection (c) shall not apply to the aggregate amount of indebtedness incurred by the authority, including through the issuance of bonds, for the following programs:

(1) The program established in section 1553.

(2) The program established in section 1554.

(3) The program established in section 1556.

(e) Certifications.--

(1) Beginning with fiscal year 2005-2006 and each fiscal year thereafter, after the final estimate required by section 618 of the act of April 9, 1929 (P.L.177, No.175), known as The Administrative Code of 1929, is signed for the fiscal year, the Secretary of the Budget shall certify to the board all of the following:

(i) Whether sufficient surplus revenues will exist in the General Fund for the two succeeding fiscal years immediately following the fiscal year for which the estimate was signed to pay any liabilities which would be incurred by the Commonwealth during those years if the authority incurs an additional $250,000,000 of indebtedness.

(ii) The aggregate amount of liabilities which would be incurred by the Commonwealth for the two succeeding fiscal years immediately following the fiscal year for which the estimate was signed which are a result of the activities by the authority.

(2) The Secretary of the Budget shall publish the certification in the Pennsylvania Bulletin as soon as possible.

(f) Increases.--

(1) After publication of the certification required by subsection (e) for the fiscal year 2005-2006, unless the Secretary of the Budget certifies under subsection (e) that the sufficient surplus revenues will not exist, the board may adopt a resolution authorizing the incurring of additional indebtedness subject to the limitation of subsection (c)(2). If the Secretary of the Budget certifies under subsection (e) that the sufficient surplus revenues will not exist, indebtedness of the authority shall remain subject to subsection (c)(1), and, upon publication of a certification under subsection (e) that sufficient surplus revenues will exist, the board may adopt a resolution authorizing the incurring of additional indebtedness subject to subsection (c)(2).

(2) For the fiscal year following the adoption of a resolution under paragraph (1), unless the Secretary of the Budget certifies under subsection (e) that the sufficient surplus revenues will not exist, the board may adopt a resolution authorizing the incurring of additional indebtedness subject to the limitation of subsection (c)(3). If the Secretary of the Budget certifies under subsection (e) that the sufficient surplus revenues will not exist, indebtedness of the authority shall remain subject to subsection (c)(2), and, upon publication of a certification under subsection (e) that sufficient surplus revenues will exist, the board may adopt a resolution authorizing the incurring of additional indebtedness subject to subsection (c)(3).

(3) For the fiscal year following the adoption of a resolution under paragraph (2), unless the Secretary of the Budget certifies under subsection (e) that the sufficient surplus revenues will not exist, the board may adopt a resolution authorizing the incurring of additional indebtedness subject to the limitation of subsection (c)(4). If the Secretary of the Budget certifies under subsection (e) that the sufficient surplus revenues will not exist, indebtedness of the authority shall remain subject to subsection (c)(3), and, upon publication of a certification under subsection (e) that sufficient surplus revenues will exist, the board may adopt a resolution authorizing the incurring of additional indebtedness subject to subsection (c)(4).

(Nov. 30, 2004, P.L.1708, No.218, eff. imd.)

2004 Amendment. Act 218 amended subsec. (c).

Cross References. Section 1543 is referred to in section 1521 of this title.