PRINTER'S NO. 1241
No. 1065 Session of 1977
INTRODUCED BY DeVERTER, SCHWEDER, THOMAS, HELFRICK, L. E. SMITH,
MACKOWSKI, WISE, C. GEORGE, GEESEY, FISHER, MILLIRON, BUTERA
AND O'CONNELL, MAY 2, 1977
REFERRED TO COMMITTEE ON BUSINESS AND COMMERCE, MAY 2, 1977
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," providing additional powers to the board to
23 grant extensions on payments in certain circumstances and
24 empowering the board to extend low interest loans to certain
25 public utilities for limited purposes.
26 The General Assembly of the Commonwealth of Pennsylvania
27 hereby enacts as follows:
28 Section 1. Section 5, act of May 17, 1956 (1955 P.L.1609,
29 No.537), known as the "Pennsylvania Industrial Development
1 Authority Act," is amended by adding subsections to read:
2 Section 5. Powers of the Authority; General.--The Authority,
3 as a public corporation and governmental instrumentality
4 exercising public powers of the Commonwealth, is hereby granted
5 and shall have and may exercise all powers necessary or
6 appropriate to carry out and effectuate the purposes of this
7 act, including the following powers, in addition to others
8 herein granted:
9 * * *
10 (s) To grant industrial development agencies the power to
11 grant extensions for the payment of rental or lease payments to
12 debtors forced to close or curtail business due to the energency
13 crisis of 1977 for a period of sixty (60) days without penalty;
14 provided the local development agency shall make an individual
15 determination on each request for an extension.
16 (t) To grant industrial development agencies the power to
17 grant, notwithstanding any law to the contrary, low interest
18 loans to any municipality, municipal authority, public
19 corporation or private corporation or organization which
20 provides water or sewerage services to the public for the
21 replacement of pipe systems on such terms and such conditions as
22 the board shall deem proper.
23 * * *
24 Section 2. This act shall take effect in 30 days.
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