Pennsylvania § 8122 - Limitation on amount of tax anticipation notes.
Full text of Pennsylvania Pennsylvania Consolidated Statutes § 8122 — Limitation on amount of tax anticipation notes., with citation guidance and answers to common questions.
§ 8122. Limitation on amount of tax anticipation notes.
(a) General rule.--No local government unit shall authorize or issue tax anticipation notes in any one fiscal year which in the aggregate shall exceed 85% of:
(1) In the case of notes solely payable from and secured by a pledge of taxes, the amount of the taxes levied for the current fiscal year.
(2) In the case of notes solely payable from and secured by a pledge of revenues other than tax revenues, the amount of the revenues pledged.
(3) In the case of notes payable from and secured by a pledge of taxes and other revenues, the sum of the taxes levied and the revenues pledged.
The taxes or revenues or both shall be certified, pursuant to section 8126 (relating to certification as to taxes and revenues to be collected), as remaining to be collected or received in the fiscal year during the period when the notes will be outstanding. The certificate shall be as of a date not more than 30 days prior to and no later than the date of the vote on the resolution authorizing the issue and sale of the tax anticipation notes.
(b) Computation of notes outstanding.--In computing the aggregate amount of tax anticipation notes outstanding at any given time during the fiscal year for the purpose of the limitation imposed by this section, allowance shall be made for notes that have already been fully paid and for amounts already paid into appropriate sinking funds, if any.
Cross References. Section 8122 is referred to in section 8127 of this title.
Source: official Pennsylvania text · Last verified 2026-08-27
Frequently Asked Questions About Pennsylvania § 8122
What does Pennsylvania Consolidated Statutes § 8122 cover?
Section 8122 ("Limitation on amount of tax anticipation notes.") 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 § 8122?
A common citation format is "Pennsylvania Consolidated Statutes § 8122" (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 § 8122 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.