H0882B0993A00751 PWK:CDM 04/12/19 #90 A00751
AMENDMENTS TO HOUSE BILL NO. 882
Sponsor: REPRESENTATIVE B. MILLER
Printer's No. 993
Amend Bill, page 1, line 8, by inserting after "for" where it
occurs the first time
ordinance authorizing issuance of bonds or notes or instruments
evidencing lease rental debt, for
Amend Bill, page 1, line 10, by inserting after "for" where
it occurs the first time
fees for filing, for
Amend Bill, page 3, line 21, by striking out ", 8007 and
8026(a)(5)" and inserting
and 8007
Amend Bill, page 4, line 25, by striking out "it" and
inserting
the local government unit
Amend Bill, page 5, line 30, by inserting before "The"
(a) Included costs.--
Amend Bill, page 6, line 19, by striking out "Costs paid,
from sources other than the debt" and inserting
(b) Excluded costs.--Costs paid, from sources other than the
debt
Amend Bill, page 6, line 26, by striking out " Costs" and
inserting
(c) Funding of unfunded debt.--Costs
Amend Bill, page 6, by inserting after line 30
Section 3. Section 8026(a)(5) of Title 53 is amended and the
section is amended by adding a subsection to read:
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Amend Bill, page 7, by inserting between lines 23 and 24
(c) Change in circumstances.--If there has been a change in
circumstances and the local government unit has existing debt
that was previously approved by the department as self-
liquidating or subsidized, a new certification shall be filed.
The certification shall specify whether or not the debt should
continue to be treated as self-liquidating or subsidized and
state whether any decrease in the amount to be excluded is
required by any change in circumstances, other than resulting
from the payments of debt.
Amend Bill, page 7, line 24, by striking out "3" and
inserting
4
Amend Bill, page 7, line 27, by striking out "Prior" and
inserting
At least 10 days prior
Amend Bill, page 10, by inserting between lines 5 and 6
(13) A statement as to whether or not the bonds or notes
are zero coupon or capital appreciation bonds or notes and,
if so, the ratio of total estimated principal and interest
payments over the proceeds of the issue.
Amend Bill, page 11, line 14, by striking out "4" and
inserting
5
Amend Bill, page 11, line 14, by inserting after "Sections"
8103(a)(1),
Amend Bill, page 11, by inserting between lines 15 and 16
ยง 8103. Ordinance authorizing issuance of bonds or notes or
instruments evidencing lease rental debt.
(a) General rule.--The ordinance or ordinances or, in the
case of notes issued under section 8109 (relating to small
borrowing for capital purposes), the resolution authorizing the
issuance of bonds or notes or the execution of a lease,
guaranty, subsidy contract or other agreement evidencing lease
rental debt by a local government unit shall contain, in
substance:
(1) In all cases, including lease rental debt, the
following:
(i) A brief description of the project for which the
debt is to be incurred and, if a capital project, a
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realistic estimated useful life thereof.
(ii) A statement of the aggregate principal amount
of bonds or notes proposed to be issued pursuant to the
ordinance or, as the case may be, to be secured by the
instrument evidencing lease rental debt.
(iii) A statement whether the debt is to be incurred
as electoral debt, nonelectoral debt or lease rental
debt.
(iv) An authorization and direction to one or more
specified officers and their successors to prepare and
certify and, except in the case of notes issued under
section 8109, to file the debt statement required by
section 8110 (relating to debt statement), to execute and
deliver the bonds or notes or the instrument evidencing
lease rental debt and to take other necessary action.
This designation may be changed from time to time
thereafter.
(v) In the case of nonelectoral or lease rental debt
which is subject to exclusion as subsidized debt or self-
liquidating debt if the exclusion is presently desired,
an authorization to the proper officers of the local
government unit to prepare and file any statements
required by Subchapter B of Chapter 80 (relating to
limitations on debt of local government units) which are
necessary to qualify all or any portion of the debt for
exclusion from the appropriate debt limit as self-
liquidating debt or subsidized debt. If an exclusion is
to be claimed that the debt will be self-liquidating, the
identity of the expert relied upon to make that
determination.
(vi) As an exhibit, a disclosure statement in a
format prescribed by the department containing
information as to the following:
(A) The principal amount of the debt, the term
over which the debt will be repaid and the estimated
net debt service obligation to the local government
unit.
(B) A breakdown of the expected use of debt
proceeds for:
(I) The acquisition and construction of real
estate, including land, buildings, easements,
rights and other appurtenances deemed necessary
for the project.
(II) Equipment and furnishings.
(III) Fees of architects, engineers,
financial advisors, attorneys and other
professionals incurred in connection with the
project.
(IV) Costs of necessary printing and
advertising.
(V) Costs of preliminary feasibility studies
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and tests.
(VI) Working capital for operating the
project.
(C) A description of the basis for the decision
that the bonds or notes are to be sold at a public
sale, at a private sale by negotiation or upon
invitation at the price the governing body
determines.
(D) The identity of the bond counsel.
(E) The identity of the sinking fund depository
and paying agent.
(F) The identities of the purchasers of the
bonds or notes.
(G) Whether a qualified interest rate management
agreement is associated with the debt.
(H) Whether the project involves the sale of
assets owned by the local government unit.
(I) The local government unit's plan to provide
necessary tax or other revenues to pay the debt
service on the debt.
* * *
Amend Bill, page 13, line 7, by striking out "5" and
inserting
6
Amend Bill, page 13, line 30, by striking out "6" and
inserting
7
Amend Bill, page 13, line 30, by inserting after "Sections"
8203,
Amend Bill, page 14, by inserting between lines 1 and 2
ยง 8203. Fees for filing.
[Every] (a) General rule.--Except as provided in subsection
(b), every filing with the department shall be accompanied by a
filing fee as determined in section 605-A of the act of April 9,
1929 (P.L.177, No.175), known as The Administrative Code of
1929.
(b) Exception.--A preliminary filing under section 8102.1
(relating to preliminary filings with department prior to
issuance of certain debt) shall be accompanied by a fee of $50.
(c) Payments.--No submission shall constitute a filing until
the proper fee is paid. All fees received under this section
shall be paid by the department into the State Treasury through
the Department of Revenue.
Amend Bill, page 15, lines 9 and 10, by striking out all of
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said lines and inserting
(a) Retention period.--
(1) The department shall keep all proceedings, including
all applications and statements by a local
Amend Bill, page 15, line 20, by striking out "The" and
inserting
(2) The
Amend Bill, page 16, line 6, by striking out "7" and
inserting
8
Amend Bill, page 19, line 18, by striking out "8" and
inserting
9
Amend Bill, page 19, line 22, by striking out "9" and
inserting
10
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