only enter into an interest rate management agreement to
manage interest rate risk or interest cost of the
contracting authority on debt or other debt-related
obligations of the contracting authority.
(iv) Acknowledges and agrees that it will notify the
department, in writing, promptly upon the payment to the
other party of a termination payment by the contracting
authority, including the date and amount of the payment
and the identity of the interest rate management
agreement under which the payment was made.
§ 8294. Notice and retention of records.
(a) Notice.--Within 15 days following the adoption of a
resolution authorizing an interest rate management agreement, a
contracting authority shall file with the department certified
copies of the resolution, including any appendix to the
resolution, together with an itemized statement of all attorney
fees, consultant fees and any other costs expected to be paid on
behalf of a contracting authority by the other party to
such interest rate management agreement.
(b) Records.--The department shall keep copies of all
documents filed with the department under this section as long
as an interest rate management agreement is in effect.
§ 8295. Financial reporting.
A contracting authority which has entered into an interest
rate management agreement shall include in its annual financial
statements information with respect to each interest rate
management agreement it has authorized or entered into,
including any information required pursuant to any statement
issued by the Governmental Accounting Standards Board.
Section 5. The following shall apply:
(1) The amendment or addition of 53 Pa.C.S. §§ 8002(c),
8281.1, 8281.2 and 8281.3:
(i) Shall apply to all qualified interest rate
management agreements entered into on or after the
effective date of this section.
(ii) Shall not apply to an amendment, termination or
novation of a qualified interest rate management
agreement where the qualified interest rate management
agreement was entered into prior to the effective date of
this section, unless the term of the qualified interest
rate management agreement is extended and the qualified
interest rate management agreement continues to be in
effect on or after the effective date of this section.
(2) The addition of 53 Pa.C.S. Ch. 82 Subch. G:
(i) Shall apply to all interest rate management
agreements entered into by a contracting authority on or
after the effective date of this section.
(ii) Shall not apply to any amendment, termination
or novation of an interest rate management agreement if
the interest rate management agreement was entered into
prior to the effective date of this section if the term
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