Pennsylvania § 8901 - Definitions.

§ 8901. 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:

"Annual additional payments." As follows:

(1) During the conversion period and after the conversion date, an amount equal to the scheduled annual commission contribution, minus the sum of:

(i) $200,000,000 paid as annual base payments;

(ii) any Interstate 80 savings for that fiscal year.

(2) If the conversion period has expired and a conversion notice has not been received by the secretary, in each subsequent fiscal year until the end of the term of the lease agreement, the annual additional payments shall be $250,000,000. No annual additional payments shall be due after fiscal year 2021-2022.

"Annual base payments." An amount equal to the sum of the following:

(1) Annual debt service on outstanding bonds issued under section 9511.2 (relating to special revenue bonds) payable as required pursuant to the bonds.

(2) Two hundred million dollars payable annually through fiscal year 2021-2022 in four equal installments each due the last business day of each July, October, January and April.

(3) For fiscal year 2022-2023 and each fiscal year thereafter, the amount shall be $50,000,000 payable annually from then-current revenue.

"Annual surplus payments." An amount equal to the general reserve fund surplus payable for each fiscal year until the end of the term of the lease agreement.

"Auditor General's certificate." The certificate issued by the Auditor General within 180 days after the end of each fiscal year of the Pennsylvania Turnpike Commission certifying all of the following:

(1) The amount of the general reserve fund surplus for the fiscal year.

(2) After review of the commission's current ten-year capital plan, that the transfer of the general reserve fund surplus under section 8915.3 (relating to lease of Interstate 80; related agreements) shall not impair the ability of the commission to meet its obligations under the lease agreement or the commission's ten-year capital plan.

"Commission." The Pennsylvania Turnpike Commission.

"Conversion date." The date set forth in the conversion notice when the Pennsylvania Turnpike Commission intends to exercise its option to convert Interstate 80 to a toll road.

"Conversion notice." Written notice to the Secretary of Transportation from the Pennsylvania Turnpike Commission providing notice of its intent to exercise its options to convert Interstate 80 under section 8915.3(3) (relating to lease of Interstate 80; related agreements).

"Conversion period." A period of three years:

(1) which begins on the date of execution of the lease agreement; and

(2) during which the Pennsylvania Turnpike Commission may give the Department of Transportation conversion notice or notice that the commission has exercised its option to extend the conversion period pursuant to section 8915.3(2) (relating to lease of Interstate 80; related agreements).

"Fiscal year." The fiscal year of the Commonwealth.

"General reserve fund surplus." The amount which:

(1) is certified by the Auditor General in the Auditor General's certificate as existing in the Pennsylvania Turnpike Commission's general reserve fund on the last day of the fiscal year of the commission; and

(2) is not required to be retained in the general reserve fund pursuant to any financial documents, financial covenants, insurance policies, liquidity policies or agreements in effect at the commission.

"Interstate 80 savings." An amount equal to the following:

(1) Prior to the conversion date, the amount shall be zero.

(2) In the first fiscal year, including the conversion date, the amount shall be a pro rata share of $116,985,856 calculated using the number of calendar days in the year after the conversion date divided by 365 days.

(3) In the fiscal year succeeding the year, including the conversion date, the amount shall be $121,665,290.

(4) In subsequent fiscal years, the amount shall be the amount calculated for the previous year increased by 4%.

"Lease agreement." A lease agreement between the Department of Transportation and the Pennsylvania Turnpike Commission which shall include provisions setting forth the terms of the conversion of Interstate 80 to a toll road.

"Scheduled annual commission contribution." The following amounts:

(1) $750,000,000 in fiscal year 2007-2008.

(2) $850,000,000 in fiscal year 2008-2009.

(3) $900,000,000 in fiscal year 2009-2010.

(4) For fiscal year 2010-2011 through fiscal year 2021-2022, the amount shall be the amount calculated for the previous year increased by 2.5%, except that the amount shall be equal to the annual base payments plus $250,000,000 if the conversion notice is not received by the secretary prior to the expiration of the conversion period. For fiscal year 2014-2015 and each fiscal year thereafter through fiscal year 2021-2022, at least $30,000,000 of this amount shall be paid from then-current revenue.

(5) For fiscal year 2022-2023 and each fiscal year thereafter, the amount shall be $50,000,000 payable annually from then-current revenue.

(July 18, 2007, P.L.169, No.44, eff. imd.; Nov. 25, 2013, P.L.974, No.89, July 1, 2014)

2013 Amendment. Act 89 amended the defs. of -œannual additional payments," -œannual base payments" and -œscheduled annual commission contribution." See the preamble to Act 89 in the appendix to this title for special provisions relating to legislative findings and declarations.

Cross References. Section 8901 is referred to in section 9501 of this title.