PRINTER'S NO. 2018
No. 1666 Session of 1979
INTRODUCED BY DORR, JULY 16, 1979
REFERRED TO COMMITTEE ON BUSINESS AND COMMERCE, JULY 17, 1979
AN ACT
1 Amending the act of May 17, 1956 (1955 P.L.1609, No.537),
2 entitled "An act to promote the welfare of the people of the
3 Commonwealth by the reduction of unemployment in certain
4 areas of the Commonwealth determined to be critical economic
5 areas; providing for the establishment of industrial
6 development projects in such areas; creating The Pennsylvania
7 Industrial Development Authority as a body corporate and
8 politic with power to allocate funds for and make secured
9 loans to industrial development agencies for the payment of a
10 part of the cost of industrial development projects in
11 critical economic areas; authorizing the Authority to enter
12 into agreements with the Government of the United States or
13 any Federal agency or industrial development agency;
14 empowering the Authority to take title to, sell, convey and
15 lease industrial development projects where necessary to
16 protect loans made by the Pennsylvania Industrial Development
17 Authority on industrial development projects; providing that
18 no debt of the Commonwealth, its municipalities or political
19 subdivisions shall be incurred in the exercise of any powers
20 granted by this act; and providing for the examination of the
21 accounts and affairs of the Authority; and making an
22 appropriation," authorizing the Authority to make certain
23 interest free loans to the Pennsylvania Product Development
24 Corporation.
25 The General Assembly of the Commonwealth of Pennsylvania
26 hereby enacts as follows:
27 Section 1. The act of May 17, 1956 (1955 P.L.1609, No.537),
28 known as the "Pennsylvania Industrial Development Authority
29 Act," is amended by adding sections to read:
1 Section 2.2. Findings and Declaration of Policy Relating to
2 Product Development.--The General Assembly finds and declares
3 that there exists in Pennsylvania a significant need for
4 industrial and commercial development and activity in order to
5 provide and increase employment opportunities and tax revenues;
6 that assistance and encouragement of industrial and commercial
7 development to provide and increase such employment
8 opportunities and revenues is an important function of the State
9 government that the availability of financial assistance is an
10 important inducement to industrial and commercial enterprises to
11 remain or locate in this State; that there exists in the State a
12 serious shortage of venture capital to promote the development
13 and exploitation of invention and new products; that this
14 shortage has resulted and will result in a serious decrease in
15 the development of new business enterprise and job opportunities
16 in Pennsylvania; and, further, that providing State financial
17 assistance for the development of products, innovation and
18 invention for industry in this State will assist in the creation
19 of new products and industry in this State, resulting in
20 increased employment and public revenues; and, therefore, the
21 necessity in the public interest and for the public benefit and
22 good for the provisions of this act is hereby declared as a
23 matter of legislative determination.
24 Section 6.1. Powers of the Authority Relating to the
25 Pennsylvania Product Development Corporation.--The Authority
26 shall have the power and duty to make loans to the Pennsylvania
27 Product Development Corporation on an interest free basis from
28 funds specifically appropriated to the Authority for such
29 purpose. The loans by the Authority shall be repaid by the
30 corporation upon the generation of sufficient capital from the
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1 operations of said corporation for said corporation to carry on
2 operations without the use of such loans.
3 Section 2. This act shall take effect immediately.
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