PRIOR PRINTER'S NOS. 476, 1383
PRINTER'S NO. 2021
THE GENERAL ASSEMBLY OF PENNSYLVANIA
SENATE BILL
No.
342
Session of
2015
INTRODUCED BY FOLMER, BLAKE, EICHELBERGER, TEPLITZ, VULAKOVICH,
VANCE, YUDICHAK, SCHWANK, GORDNER, BOSCOLA, BROWNE AND
SCAVELLO, FEBRUARY 20, 2015
AS AMENDED ON THIRD CONSIDERATION, JULY 11, 2016
AN ACT
Amending Title 53 (Municipalities Generally) of the Pennsylvania
Consolidated Statutes, in municipal authorities, providing
for interest rate risk and interest cost management; and, in
MISCELLANEOUS PROVISIONS REGARDING indebtedness and
borrowing, further providing for definitions; and expanding
the scope of provisions relating to interest rate risk and
interest cost management to include authorities., FOR
QUALIFIED INTEREST RATE MANAGEMENT AGREEMENTS AND FOR
FINANCIAL REPORTING AND PROVIDING FOR INTEREST RATE RISK AND
INTEREST COST MANAGEMENT IN FIRST CLASS CITIES AND COUNTIES;
AND MAKING EDITORIAL CHANGES.
The General Assembly of the Commonwealth of Pennsylvania
hereby enacts as follows:
Section 1. Title 53 of the Pennsylvania Consolidated
Statutes is amended by adding a section to read:
§ 5608.1. Interest rate risk and interest rate cost management.
Notwithstanding any other provision of this chapter or any
other law to the contrary, authorities, except an authority or a
municipal authority in existence on the effective date of this
section, formed by two or more local government units for the
purpose of providing loan programs for the benefit of local
government units and other authorities or municipal authorities
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