Pennsylvania § 7378 - Temporary financing authorization.
Full text of Pennsylvania Pennsylvania Consolidated Statutes § 7378 — Temporary financing authorization., with citation guidance and answers to common questions.
§ 7378. Temporary financing authorization.
(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.
(Oct. 29, 2020, P.L.739, No.91, eff. 60 days)
2020 Amendment. Act 91 amended subsec. (d).
Frequently Asked Questions About Pennsylvania § 7378
What does Pennsylvania Consolidated Statutes § 7378 cover?
Section 7378 ("Temporary financing authorization.") is part of the Pennsylvania Consolidated Statutes, the codified statutory law of Pennsylvania. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Pennsylvania § 7378?
A common citation format is "Pennsylvania Consolidated Statutes § 7378" (Pennsylvania). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Pennsylvania law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Pennsylvania official source linked on this page or consult a licensed Pennsylvania attorney.
How does Pennsylvania § 7378 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Pennsylvania can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Pennsylvania.