PRINTER'S NO. 2830
No. 2094 Session of 1984
INTRODUCED BY BELARDI AND CAWLEY, APRIL 30, 1984
REFERRED TO COMMITTEE ON URBAN AFFAIRS, APRIL 30, 1984
AN ACT
1 Amending the act of July 29, 1953 (P.L.1034, No.270), entitled
2 "An act creating as bodies corporate and politic "Public
3 Auditorium Authorities" in counties of the second class and
4 in cities of the second class, singly or jointly; prescribing
5 the rights, powers and duties of such Authorities;
6 authorizing such Authorities to acquire, construct, improve,
7 maintain and operate public auditoriums; to borrow money and
8 issue bonds therefor; providing for the payment of such bonds
9 and prescribing the rights of the holders thereof; conferring
10 the right of eminent domain on such Authorities; empowering
11 such Authorities to enter into contracts, leases and licenses
12 with and to accept grants from private sources, the Federal
13 Government, State, political subdivisions of the State or any
14 agency thereof; authorizing the making of said grants from
15 bond funds or current revenues; authorizing Authorities to
16 collect rentals, admissions, license fees for the use of the
17 project; exempting the property and securities of such Public
18 Auditorium Authorities from taxation," extending the
19 provisions of this law to cities of the second class A and
20 counties in which a city of the second class A is located;
21 and making editorial changes.
22 The General Assembly of the Commonwealth of Pennsylvania
23 hereby enacts as follows:
24 Section 1. The title of the act of July 29, 1953 (P.L.1034,
25 No.270), known as the Public Auditorium Authorities Law is
26 amended to read:
27 AN ACT
1 Creating as bodies corporate and politic "Public Auditorium
2 Authorities" in counties of the second class and in cities of
3 the second class and in cities of the second class A and
4 counties in which a city of the second class A is located,
5 singly or jointly; prescribing the rights, powers and duties
6 of such Authorities; authorizing such Authorities to acquire,
7 construct, improve, maintain and operate public auditoriums;
8 to borrow money and issue bonds therefor; providing for the
9 payment of such bonds and prescribing the rights of the
10 holders thereof; conferring the right of eminent domain on
11 such Authorities; empowering such Authorities to enter into
12 contracts, leases and licenses with and to accept grants from
13 private sources, the Federal Government, State, political
14 subdivisions of the State or any agency thereof; authorizing
15 the making of said grants from bond funds or current
16 revenues; authorizing Authorities to collect rentals,
17 admissions, license fees for the use of the project;
18 exempting the property and securities of such Public
19 Auditorium Authorities from taxation."
20 Section 2. Section 2(d) and (f) of the act are amended to
21 read:
22 Section 2. Definitions.
23 The following terms, whenever used or referred to in this
24 act, shall have the following meanings, except in those
25 instances where the context clearly indicates otherwise:
26 * * *
27 (d) The term "city" shall mean city of the second class or a
28 city of the second class A.
29 * * *
30 (f) The term "county" shall mean county of the second class
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1 or any county in which a city of the second class A is located.
2 * * *
3 Section 3. Section 6 A of the act is amended to read:
4 Section 6. Purposes and Powers; Bonds.
5 A. (1) The bonds of any Authority hereinabove referred to
6 and authorized to be issued shall be authorized by resolution of
7 the board thereof and shall be of such series, bear such date or
8 dates, mature at such time or times not exceeding forty years
9 from their respective dates, bear interest at such rate or rates
10 [not exceeding six per cent per annum] payable semi-annually, be
11 in such denominations, be in such form, either coupon or fully
12 registered without coupons, carry such registration
13 exchangeability and interchangeability privileges, be payable in
14 such medium of payment and at such place or places, be subject
15 to such terms of redemption not exceeding one hundred five per
16 cent of the principal amount thereof, and be entitled to such
17 priorities in the revenues or receipts of such Authority, as
18 such resolution or resolutions may provide. The bonds shall be
19 signed by such officers as the Authority shall determine, and
20 coupon bonds shall have attached thereto interest coupons
21 bearing the facsimile signature of the treasurer of the
22 Authority, all as may be prescribed in such resolution or
23 resolutions. Any such bonds may be issued and delivered
24 notwithstanding that one or more of the officers signing such
25 bonds or the treasurer whose facsimile signature shall be upon
26 the coupon or any thereof shall have ceased to be such officer
27 or officers at the time when such bonds shall actually be
28 delivered.
29 (2) Said bonds may be sold at public or private sale for
30 such price or prices as the Authority shall determine[, provided
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1 that the interest cost to maturity of the money received for any
2 issue of said bonds shall not exceed six per centum per annum].
3 Pending the preparation of the definitive bonds, interim
4 receipts may be issued to the purchaser or purchasers of such
5 bonds and may contain such terms and conditions as the Authority
6 may determine.
7 * * *
8 Section 4. This act shall take effect immediately.
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