PRIOR PRINTER'S NO. 818
PRINTER'S NO. 1009
THE GENERAL ASSEMBLY OF PENNSYLVANIA
SENATE BILL
No.
756
Session of
2015
INTRODUCED BY SCHWANK, VOGEL, ARGALL, COSTA, RAFFERTY, FONTANA,
BREWSTER, BLAKE, GORDNER, STEFANO, BARTOLOTTA, HUTCHINSON,
BROOKS, YUDICHAK AND HUGHES, APRIL 23, 2015
SENATOR WARD, COMMUNITY, ECONOMIC AND RECREATIONAL DEVELOPMENT,
AS AMENDED, JUNE 3, 2015
AN ACT
Amending Title 64 (Public Authorities and Quasi-Public
Corporations) of the Pennsylvania Consolidated Statutes, in
Commonwealth Financing Authority, further providing for First
Industries Program expiration provision.
The General Assembly of the Commonwealth of Pennsylvania
hereby enacts as follows:
Section 1. Section 1552(e.2) of Title 64 of the Pennsylvania
Consolidated Statutes is amended to read:
SECTION 1. SECTION 1552(E)(2) AND (3.1) AND (E.2) OF TITLE
64 OF THE PENNSYLVANIA CONSOLIDATED STATUTES ARE AMENDED TO
READ:
ยง 1552. First Industries Program.
* * *
(E) LOAN GUARANTEES.--
* * *
(2) THE BOARD SHALL REVIEW THE APPLICATION TO DETERMINE
ALL OF THE FOLLOWING:
(I) [(A) EXCEPT AS SET FORTH IN CLAUSE (B), THAT
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THE PROJECT HAS BEEN AWARDED A PLANNING GRANT UNDER
THIS SECTION OR THAT AT LEAST $1,000,000 OF PRIVATE
FUNDS ARE BEING INVESTED IN THE PROJECT.
(B) BEGINNING ON THE EFFECTIVE DATE OF THIS
PARAGRAPH THROUGH JULY 15, 2015, THAT] THAT THE
PROJECT HAS BEEN AWARDED A PLANNING GRANT UNDER THIS
SECTION OR THAT AT LEAST $500,000 OF PRIVATE FUNDS
ARE BEING INVESTED IN THE PROJECT.
(II) THAT THE VALUE OF THE PROPOSED COLLATERAL IS
SUFFICIENT TO COVER THE FULL AMOUNT OF THE LOAN.
(III) THAT THE APPLICANT COMPLIED WITH ALL OTHER
CRITERIA ESTABLISHED BY THE BOARD.
* * *
(3.1) [BEGINNING ON THE EFFECTIVE DATE OF THIS PARAGRAPH
THROUGH JULY 15, 2015, A] A GUARANTEE OF 51% TO 90% OF THE
PRINCIPAL AMOUNT OF THE LOAN TO ASSIST WITH THE FINANCING OF
A PROJECT RELATED TO AGRICULTURE MAY BE AWARDED BY THE BOARD.
THE GUARANTEE SHALL BE SUBJECT TO A ONE-TIME FEE OF 2% OF THE
AMOUNT OF THE LOAN MULTIPLIED BY THE PERCENTAGE OF THE
GUARANTEE.
* * *
[(e.2) Sunset.--After July 15, 2015, no Farm Credit
Institution under the Farm Credit Act of 1971 shall be eligible
for any loan guarantees under this chapter.]
* * *
Section 2. This act shall take effect immediately.
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