PRINTER'S NO. 1568
No. 1393 Session of 1981
INTRODUCED BY CIVERA, MICOZZIE, FREIND, SPITZ, ARTY, PITTS,
HOEFFEL AND ROCKS, MAY 5, 1981
REFERRED TO COMMITTEE ON APPROPRIATIONS, MAY 5, 1981
A SUPPLEMENT
1 To the act of (No. ), entitled "An act providing for
2 the capital budget for the fiscal year 1981-1982," itemizing
3 a transportation assistance project to be acquired or
4 constructed by the Pennsylvania Department of Transportation
5 together with its estimated financial costs; authorizing the
6 incurring of debt without the approval of the electors for
7 the purpose of financing the project, stating the estimated
8 useful life of the project, and 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 transportation
13 assistance project with respect to which an interest is to be
14 acquired in or constructed by the Pennsylvania Department of
15 Transportation, its successors or assigns, and to be financed by
16 the incurring of debt, is hereby itemized, together with its
17 estimated financial costs and the total additional amount
18 authorized for the transportation assistance project as follows:
19 A. Total Project Authorization.................. $67,000
20 B. Itemization of Project:
1 Project Base Design Total
2 Project and Project
3 Cost Contin- Cost
4 gencies
5 I. Southeastern Pennsylvania
6 Transportation Authority
7 (1) Sixty-ninth
8 Street Terminal
9 Engineering 61,000 6,000 67,000
10 Section 2. Allocation of Funds.--Whenever as determined by
11 the Pennsylvania Department of Transportation that the full
12 estimated financial costs of the transportation assistance
13 project itemized in section 1 is not necessary for the proper
14 design, acquisition, or construction of such project, the excess
15 funds no longer required may be allocated by the Pennsylvania
16 Department of Transportation to increase the estimated costs of
17 any one or more of the transportation assistance projects
18 specifically itemized in a capital budget.
19 Section 3. Debt Authorization.--The Governor, Auditor
20 General and State Treasurer are hereby authorized and directed
21 to borrow, from time to time, in addition to any authorization
22 heretofore or hereafter enacted, on the credit of the
23 Commonwealth, subject to the limitations provided in the current
24 capital budget, money not exceeding in the aggregate the sum of
25 $67,000 as may be found necessary to carry out the acquisition
26 of the transportation assistance project specifically itemized
27 herein.
28 Section 4. Issue of Bonds.--The indebtedness herein
29 authorized shall be incurred from time to time and shall be
30 evidenced by one or more series of general obligation bonds of
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1 the Commonwealth in such aggregate principal amount for each
2 series as the Governor, Auditor General and State Treasurer
3 shall determine, but the latest stated maturity date shall not
4 exceed 30 years from the date of the bond first issued for each
5 such series.
6 Section 5. Estimated Useful Life of Project.--The General
7 Assembly states that the estimated useful life of transportation
8 assistance project heretofore itemized in the capital budget for
9 the fiscal year 1981-1982 is not less than 30 years from the
10 date of completion or acquisition of rights-of-way, track,
11 roadbeds, tunnels, electrification systems, structures, airport
12 improvements, buildings, stations, lands and interests therein
13 and the like; is not less than 15 years from the date of
14 acquisition of rolling stock; and is not less than 12 years from
15 the date of acquisition of passenger buses. The maximum term of
16 the debt authorized to be incurred hereunder is 30 years from
17 the date of the first acquisition or completion.
18 Section 6. Appropriation.--The net proceeds of the sale of
19 the obligations herein authorized are hereby appropriated from
20 the Capital Facilities Fund to the Pennsylvania Department of
21 Transportation in the maximum amount of $67,000 to be used by it
22 exclusively to defray the financial costs of transportation
23 assistance project specifically itemized in a capital budget.
24 After reserving or paying the expenses of the sale of the
25 obligation, the State Treasurer shall pay out to the
26 Pennsylvania Department of Transportation the moneys as required
27 and certified by it to be legally due and payable.
28 Section 7. Effective Date.--This act shall take effect
29 immediately.
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