Pennsylvania Statutes § 3035.2 Bond issuance.
Statute Text
(a)
Declaration of policy.
--The General Assembly finds and declares that funding the replacement of voting apparatuses, including interest, through the authority, is in the best interest of this Commonwealth.
(b)
Authority.
--Notwithstanding any other law, the following shall apply:
(1)
The department may be a project applicant under the financing law and may apply to the authority for the funding of the replacement of voting apparatuses.
(2)
The authority may issue bonds under the financing law, consistent with this article, to finance projects to fund the replacement of county voting apparatuses or to reimburse counties for their cost to purchase or enter into capital leases for voting apparatuses.
(3)
Participation of an industrial and commercial development authority shall not be required to finance the replacement of voting apparatuses.
(c)
Debt or liability.
--
(1)
Bonds issued under this article shall not be a debt or liability of the Commonwealth and shall not create or constitute any indebtedness, liability or obligation of the Commonwealth.
(2)
Bond obligations and bond administrative expenses shall be payable solely from revenues or money pledged or available for repayment as authorized under this article. This paragraph shall include the proceeds of any issuance of bonds.
(3)
Each bond shall contain on its face a statement that:
(i)
The authority is obligated to pay the principal or interest on the bonds only from the revenues or money pledged or available for repayment as authorized under this article;
(ii)
Neither the Commonwealth nor a county is obligated to pay the principal or interest; and
(iii)
The full faith and credit of the Commonwealth or any county is not pledged to the payment of the principal of or the interest on the bonds.
History
Added by
P.L.
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