SENATE AMENDED PRIOR PRINTER'S NOS. 1568, 1716 PRINTER'S NO. 2035
No. 1357 Session of 1987
INTRODUCED BY COWELL, SEVENTY, ITKIN, LEVDANSKY, TRELLO, OLASZ, PISTELLA, MICHLOVIC, VAN HORNE, PETRONE AND DUFFY, MAY 11, 1987
SENATOR TILGHMAN, APPROPRIATIONS, IN SENATE, RE-REPORTED AS AMENDED, JULY 2, 1987
AN ACT 1 Amending the act of April 9, 1929 (P.L.343, No.176), entitled, 2 as amended, "An act relating to the finances of the State 3 government; providing for the settlement, assessment, 4 collection, and lien of taxes, bonus, and all other accounts 5 due the Commonwealth, the collection and recovery of fees and 6 other money or property due or belonging to the Commonwealth, 7 or any agency thereof, including escheated property and the 8 proceeds of its sale, the custody and disbursement or other 9 disposition of funds and securities belonging to or in the 10 possession of the Commonwealth, and the settlement of claims 11 against the Commonwealth, the resettlement of accounts and 12 appeals to the courts, refunds of moneys erroneously paid to 13 the Commonwealth, auditing the accounts of the Commonwealth 14 and all agencies thereof, of all public officers collecting 15 moneys payable to the Commonwealth, or any agency thereof, 16 and all receipts of appropriations from the Commonwealth, 17 authorizing the Commonwealth to issue tax anticipation notes 18 to defray current expenses, implementing the provisions of 19 section 7(a) of Article VIII of the Constitution of 20 Pennsylvania authorizing and restricting the incurring of 21 certain debt and imposing penalties; affecting every 22 department, board, commission, and officer of the State 23 government, every political subdivision of the State, and 24 certain officers of such subdivisions, every person, 25 association, and corporation required to pay, assess, or 26 collect taxes, or to make returns or reports under the laws 27 imposing taxes for State purposes, or to pay license fees or 28 other moneys to the Commonwealth, or any agency thereof, 29 every State depository and every debtor or creditor of the 30 Commonwealth," further providing for what may constitute a 31 Redevelopment Assistance Capital Project and for the
1 Redevelopment Assistance Sinking Fund. 2 The General Assembly of the Commonwealth of Pennsylvania 3 hereby enacts as follows: 4 Section 1. The definition of "Redevelopment Assistance 5 Capital Project" in section 1602-B and section 1616.1-B of the 6 act of April 9, 1929 (P.L.343, No.176), known as The Fiscal 7 Code, added July 10, 1986 (P.L.1261, No.115), are amended to 8 read: 9 Section 1602-B. Definitions.--As used in this article-- 10 * * * 11 "Redevelopment Assistance Capital Project" shall mean the 12 design and construction of facilities which (i) are facilities 13 other than housing units, highways, bridges, waste disposal 14 facilities, sewage systems or facilities, or water systems or 15 facilities, and are projects which cannot obtain funding under 16 other State or Federal programs; (ii) are economic development 17 projects which generate substantial increases in employment, tax 18 revenues or other measures of economic activity; (iii) are 19 facilities which have a regional or multijurisdictional impact; 20 (iv) are eligible for tax-exempt bond funding under existing 21 Federal law or under Federal H.R.3838 of 1985, which shall be 22 known as the Tax Reform Act of 1985 if it is enacted; (v) have a 23 fifty per centum non-State participation, of which the only 24 noncash non-State participation permitted is land donation and 25 toward which State funds from other programs may not be used; 26 and (vi) have a total project cost of five million dollars 27 ($5,000,000) or more[.], provided, however, that the five <-- 28 million dollar ($5,000,000) project cost requirement shall not 29 apply to those projects which are located EXCEPT THAT SUCH <-- 30 PROJECTS in municipalities designated as "financially 19870H1357B2035 - 2 -
1 disadvantaged municipalities" under the provisions of the act of 2 July 9, 1986 (P.L.1223, No.110), known as the "Financially 3 Disadvantaged Municipalities Matching Assistance Act." ACT," <-- 4 SHALL HAVE A TOTAL PROJECT COST OF ONE MILLION DOLLARS 5 ($1,000,000) OR MORE. 6 * * * 7 Section 1616.1-B. Redevelopment Assistance Sinking Fund.-- 8 (a) There is hereby established within the Capital Facilities 9 Fund a sinking fund, to be known as the Redevelopment Assistance 10 Sinking Fund, for the purpose of making principal and interest 11 payments on bonds issued for redevelopment assistance projects 12 authorized in this article. 13 (b) Each year an amount shall be deposited into the 14 Redevelopment Assistance Sinking Fund sufficient to meet the 15 debt service requirements during that fiscal year on 16 redevelopment assistance bonds, but such amount shall not exceed 17 the first [thirty million dollars ($30,000,000)] forty million 18 dollars ($40,000,000) of realty transfer tax revenue credited to 19 a fiscal year. Deposits shall be made into the sinking fund each 20 year pursuant to this section until all redevelopment assistance 21 bonds issued are retired. Any surplus funds in the sinking fund 22 at the time all such bonds are retired shall be transferred into 23 the General Fund at the close of the fiscal year in which the 24 last bond is retired. 25 (c) The amount of additional bonds which may be issued in 26 any year for redevelopment assistance projects for which payment 27 is to be made from the Redevelopment Assistance Sinking Fund 28 shall not cause the amount of redevelopment assistance bonds 29 outstanding to increase to the level that required principal and 30 interest payments to be made from the sinking fund would exceed 19870H1357B2035 - 3 -
1 the amount available in the sinking fund for such payments in 2 the fiscal year. 3 Section 2. This act shall take effect immediately. C10L72RDG/19870H1357B2035 - 4 -