Pennsylvania § 5503 - Definitions.

§ 5503. Definitions.

The following words and phrases when used in this chapter shall have the meanings given to them in this section unless the context clearly indicates otherwise:

"Authority." A body politic and corporate established under this chapter.

"Board." The governing body of an authority.

"Bond." Includes a note, bond, refunding bond and other evidence of indebtedness or obligations which the authority is authorized to issue under section 5505 (relating to purposes and powers).

"Boot." To place on a parked vehicle a mechanical device which is designed to be attached to the wheel or tire of the vehicle so as to prohibit its movement, for the enforcement of on-street parking regulations or delinquent parking tickets or fines.

"Cash flow deficit." A cash deficit occurring solely because revenues and expenditures, even when in balance on a fiscal year basis or with respect to any other period of computation, are not received and disbursed at equivalent rates throughout the fiscal year or other period of computation.

"City." A city of the first class, second class, second class A or third class.

"Construct." Includes acquire in a manner deemed desirable.

"Construction." Includes acquisition.

"Facility." A lot, building or structure above, at or below the surface of the earth. The term includes equipment, entrances, exits, fencing and all other accessories necessary or desirable for the safety and convenience of the parking of vehicles.

"Federal agency." The Federal Government, the President of the United States and any department or corporation, agency or instrumentality heretofore or hereafter created, designated or established by the Federal Government.

"Government agency." The Governor, departments, boards, commissions, authorities and other officers and agencies of this Commonwealth, including, but not limited to, those which are not subject to the policy supervision and control of the Governor, any political subdivision, municipality, municipal or other local authority and any officer or agency of any such political subdivision or local authority. The term does not include any court or other officer or agency of the unified judicial system or the General Assembly or its officers and agencies.

"Government obligations."

(1) Direct obligations of or obligations the principal of and interest on which are unconditionally guaranteed by the Federal Government, including, but not limited to, evidences of a direct ownership interest in future interest or principal payments on obligations issued or guaranteed by the Federal Government, which obligations are held in a custody account by a custodian under the terms of a custody agreement.

(2) The term includes obligations issued by any state of the United States or any political subdivision, public instrumentality or public authority of any state of the United States, provision for the full and timely payment of the principal or premium of and interest on which shall have been made by deposit with a trustee or escrow agent under an irrevocable security agreement of obligations described in paragraph (1).

"Improve." Includes extend and enlarge in a manner deemed desirable.

"Improvement." Includes extension and enlargement.

"Legislative body." The council of a city or borough and the board of commissioners of a first class township.

"Municipality." Any of the following:

(1) A city.

(2) A borough.

(3) A township of the first class.

"Obligee of an authority." Any holder or owner of any bond of an authority or any trustee or other fiduciary for any such holder or any provider of a letter of credit, policy of municipal bond insurance or other credit enhancement or liquidity facility for bonds of an authority.

"Off-street parking." Parking of vehicles in locations other than public streets or thoroughfares. The term includes all facilities of an authority and private and public parking lots and parking garages.

"On-street parking." Parking of vehicles on public streets or thoroughfares located within the physical boundaries of a municipality.

"Parent municipality." A municipality which establishes an authority.

"Project." Any structure, facility or undertaking which an authority is authorized to acquire, construct, improve, maintain or operate under this chapter.

"Qualified financial institution." A bank, bank and trust company, trust company, national banking association, insurance company or other financial services company whose unsecured long-term debt obligations in the case of a bank, trust company, national banking association or other financial services company or whose claims-paying abilities in the case of an insurance company are rated in any of the three highest rating categories without reference to subcategories by a rating agency. For purposes of this definition, the term "financial services company" includes any investment banking firm or any affiliate or division thereof which may be legally authorized to enter into the transactions described in this chapter pertaining, applicable or limited to a qualified financial institution.

"Rating agency."

(1) The term includes the following:

(i) Standard & Poor's Corporation and any successor thereto.

(ii) Moody's Investors Service and any successor thereto.

(iii) Fitch Investors Service, Inc., and any successor thereto.

(2) If the rating agencies cited in paragraph (1) shall no longer perform the functions of a securities rating service, the term shall mean any other nationally recognized rating service or services.

(Dec. 30, 2002, P.L.2001, No.230, eff. imd.; July 16, 2004, P.L.758, No.94, eff. imd.)

2004 Amendment. Act 94 reenacted the defs. of "cash flow deficit," "Federal agency," "government agency," "government obligations," "obligee of an authority," "qualified financial institution" and "rating agency."

2004 Unconstitutionality. Act 230 of 2002 was declared unconstitutional. City of Philadelphia v. Commonwealth, 838 A.2d 566 (Pa. 2003).