PRINTER'S NO. 3038
No. 2371 Session of 1978
INTRODUCED BY STEWART, BITTINGER, ENGLEHART AND YAHNER,
APRIL 12, 1978
REFERRED TO COMMITTEE ON APPROPRIATIONS, APRIL 12, 1978
AN ACT
1 Amending the act of October 5, 1972 (Sp.Sess. No.1, P.L.2019,
2 No.4), entitled "An act implementing the provisions of clause
3 (1) of subsection (a) of section 7 of Article VIII of the
4 Constitution of the Commonwealth of Pennsylvania authorizing
5 the incurring of debt for the rehabilitation of areas
6 affected by the Great Storm and Floods of September, 1971 and
7 June, 1972 through urban redevelopment assistance; imposing
8 duties upon the Governor, the Auditor General and State
9 Treasurer; prescribing the procedures for the issuance, sale
10 and payment of general obligations bonds, the funding of debt
11 and refunding of bonds; exempting said bonds from State and
12 local taxation; creating certain funds; and making an
13 appropriation," providing for the borrowing of an additional
14 sum to rehabilitate areas affected by the Great Flood of
15 July, 1977.
16 The General Assembly of the Commonwealth of Pennsylvania
17 hereby enacts as follows:
18 Section 1. The title, act of October 5, 1972 (Sp.Sess. No.1,
19 P.L.2019, No.4), entitled "An act implementing the provisions of
20 clause (1) of subsection (a) of section 7 of Article VIII of the
21 Constitution of the Commonwealth of Pennsylvania authorizing the
22 incurring of debt for the rehabilitation of areas affected by
23 the Great Storm and Floods of September, 1971 and June, 1972
24 through urban redevelopment assistance; imposing duties upon the
1 Governor, the Auditor General and State Treasurer; prescribing
2 the procedures for the issuance, sale and payment of general
3 obligations bonds, the funding of debt and refunding of bonds;
4 exempting said bonds from State and local taxation; creating
5 certain funds; and making an appropriation," is amended to read:
6 AN ACT
7 Implementing the provisions of clause (1) of subsection (a) of
8 section 7 of Article VIII of the Constitution of the
9 Commonwealth of Pennsylvania authorizing the incurring of
10 debt for the rehabilitation of areas affected by the Great
11 Storm and Floods of September, 1971 and June, 1972, and the
12 Great Flood of July, 1977 through urban redevelopment
13 assistance; imposing duties upon the Governor, the Auditor
14 General and State Treasurer; prescribing the procedures for
15 the issuance, sale and payment of general obligations bonds,
16 the funding of debt and refunding of bonds; exempting said
17 bonds from State and local taxation; creating certain funds;
18 and making an appropriation.
19 Section 2. Section 1 of the act, amended June 27, 1973
20 (P.L.88, No.38), is amended to read:
21 Section 1. Borrowing of Money Authorized.--Pursuant to the
22 provisions of clause (1) of subsection (a) of section 7 of
23 Article VIII of the Constitution of the Commonwealth of
24 Pennsylvania, the Commonwealth is hereby authorized and directed
25 to borrow, from time to time, money not exceeding in the
26 aggregate (i) the sum of one hundred forty million dollars
27 ($140,000,000), as may be found necessary to carry out the
28 rehabilitation of areas affected by the Great Storm and Floods
29 of September, 1971 [and] , June, 1972 and July, 1977 through
30 urban redevelopment assistance, and (ii) the sum of thirty
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1 million dollars ($30,000,000) as may be found necessary to carry
2 out the rehabilitation of areas affected by the Great Flood of
3 July, 1977 through urban redevelopment assistance.
4 Section 3. This act shall take effect immediately.
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