PRINTER'S NO. 2121
No. 1685 Session of 1975
INTRODUCED BY D. S. HAYES, HOPKINS AND DOMBROWSKI, JULY 24, 1975
REFERRED TO COMMITTEE ON RULES, JULY 24, 1975
A SUPPLEMENT
1 To the act of (No. ), entitled "An act providing for
2 the capital budget for the fiscal year 1975-1976," itemizing
3 a public improvement project to be acquired by The General
4 State Authority, together with estimated financial costs,
5 authorizing the incurring of debt without the approval of the
6 electors for the purpose of financing the public improvement
7 project, stating the estimated useful life of the project and
8 making an appropriation.
9 The General Assembly of the Commonwealth of Pennsylvania
10 hereby enacts as follows:
11 Section 1. Itemization and Authorization of Project.--An
12 additional capital project in the category of a public
13 improvement project to be acquired by The General State
14 Authority, its successors or assigns, and to be financed by the
15 incurring of debt, is hereby itemized, together with the
16 respective estimated financial cost and the total additional
17 amount authorized for the public improvement project, as
18 follows:
19 I. Department of Commerce.....................$1,300,000
20 (1) Civic Center: City of Erie
21 For site acquisition................... 1,300,000
1 Section 2. Allocation of Funds.--Whenever as determined by
2 The General State Authority the full estimated financial cost of
3 the public improvement project itemized in section 1 hereof is
4 not necessary for the proper design, acquisition of the project,
5 the excess funds no longer required may be allocated by The
6 General State Authority to increase the estimated cost of any
7 one or more of the public improvement projects specifically
8 itemized in a capital budget.
9 Section 3. Debt Authorization.--The Governor, Auditor
10 General and State Treasurer are hereby authorized and directed
11 to borrow, from time to time, in addition to any authorization
12 heretofore or hereafter enacted, on the credit of the
13 Commonwealth, subject to the limitations provided in the current
14 capital budget, money not exceeding in the aggregate the sum of
15 $1,300,000 as may be found necessary to carry out the
16 acquisition of the site of the public improvement project
17 specifically itemized herein.
18 Section 4. Issue of Bonds.--The indebtedness herein
19 authorized shall be incurred from time to time and shall be
20 evidenced by one or more series of general obligation bonds of
21 the Commonwealth in such aggregate principal amount for each
22 series as the Governor, Auditor General and State Treasurer
23 shall determine, but the latest stated maturity date shall not
24 exceed 30 years from the date of the bond first issued for each
25 such series.
26 Section 5. Estimated Useful Life of Project.--The General
27 Assembly states the estimated useful life of the public
28 improvement project heretofore itemized is not less than 30
29 years from the date of completion thereof, which period is
30 hereby stated to be the term of the debt to be incurred.
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1 Section 6. Appropriation.--The net proceeds of the sale of
2 the obligations herein authorized are hereby appropriated from
3 the Capital Facilities Fund to The General State Authority in
4 the maximum amount of $1,300,000 to be used by it exclusively to
5 defray the financial cost of the public improvement project
6 specifically itemized herein. After reserving or paying the
7 expenses of the sale of the obligation, the State Treasurer
8 shall pay out to The General State Authority the moneys as
9 required and certified by it to be legally due and payable.
10 Section 7. Effective Date.--This act shall take effect
11 immediately.
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