PRIOR PRINTER'S NO. 285 PRINTER'S NO. 1092
No. 274 Session of 1991
INTRODUCED BY KASUNIC, PESCI, McNALLY, DALEY, SCHULER, TRELLO,
CAWLEY, COLAFELLA, TIGUE, JOHNSON, JAMES, RAYMOND, DeLUCA,
VEON, PRESTON, PISTELLA, CAPPABIANCA, J. TAYLOR, CIVERA,
TELEK AND BELARDI, FEBRUARY 5, 1991
AS REPORTED FROM COMMITTEE ON APPROPRIATIONS, HOUSE OF
REPRESENTATIVES, AS AMENDED, APRIL 2, 1991
AN ACT
1 Authorizing the incurring of indebtedness for the purpose of <--
2 guaranteeing a sufficient return on bonds purchased by
3 potential home buyers to enable them to make down payments on
4 future home purchases. PURPOSES OF ECONOMIC REDEVELOPMENT, <--
5 INVESTMENTS IN AFFORDABLE HOUSING, THE ACQUISITION OF PUBLIC
6 LANDS, THE MAINTENANCE AND REHABILITATION OF EXISTING STATE
7 PARKS, AND ASSISTANCE TO PUBLIC AND PRIVATE HISTORICAL
8 MUSEUMS FOR THE PRESERVATION OF THE COMMONWEALTH'S HISTORIC
9 PLACES.
10 The General Assembly of the Commonwealth of Pennsylvania
11 hereby enacts as follows:
12 Section 1. Referendum.
13 At the next primary, municipal or general election following
14 enactment of this act, the question of incurring indebtedness to <--
15 guarantee a sufficient rate of return on bonds purchased by
16 potential home buyers to enable them to make down payments on
17 future home purchases shall be submitted to the electors. The
18 Secretary of the Commonwealth shall certify the question to the
19 county boards of elections. The question shall be substantially
20 the following form:
1 Do you favor the incurring of indebtedness of no more
2 than $10,000,000 for the purpose of guaranteeing a
3 sufficient return on bonds to be issued to potential home
4 buyers to enable them to make a down payment when they
5 are ready to purchase a home within three to seven years?
6 FOR THE PURPOSES OF THE ECONOMIC REDEVELOPMENT OF THIS <--
7 COMMONWEALTH, INVESTMENTS IN AFFORDABLE HOUSING, THE ACQUISITION
8 OF PUBLIC LANDS, THE REHABILITATION AND MAINTENANCE OF EXISTING
9 STATE PARKS, AND ASSISTANCE TO PUBLIC AND PRIVATE HISTORICAL
10 MUSEUMS SHALL BE SUBMITTED TO THE ELECTORS. THE SECRETARY OF THE
11 COMMONWEALTH SHALL CERTIFY THE QUESTION TO THE COUNTY BOARDS OF
12 ELECTIONS. THE QUESTION SHALL BE SUBSTANTIALLY IN THE FOLLOWING
13 FORM:
14 DO YOU FAVOR THE INCURRING OF INDEBTEDNESS OF NO MORE
15 THAN $300,000,000 TO BE ALLOCATED FOR THE FOLLOWING
16 PURPOSES:
17 (1) THE SUM OF $75,000,000 FOR THE ECONOMIC
18 DEVELOPMENT OF THIS COMMONWEALTH THROUGH THE
19 RECAPITALIZATION OF REVOLVING LOAN AND INFRASTRUCTURE
20 IMPROVEMENT PROGRAMS;
21 (2) THE SUM OF $100,000,000 FOR INVESTMENTS IN
22 AFFORDABLE HOUSING, HOME CONSTRUCTION AND HOME
23 IMPROVEMENTS;
24 (3) THE SUM OF $50,000,000 FOR THE ACQUISITION OF
25 PUBLIC LANDS, EASEMENTS AND RIGHTS-OF-WAY FOR PRESERVING
26 THE NATURAL, RECREATIONAL, SCENIC AND HISTORICAL VALUE OF
27 LANDS WITHIN THIS COMMONWEALTH;
28 (4) THE SUM OF $50,000,000 FOR THE MAINTENANCE AND
29 REHABILITATION OF EXISTING STATE PARKS; AND
30 (5) THE SUM OF $25,000,000 FOR ASSISTANCE TO PUBLIC
19910H0274B1092 - 2 -
1 AND PRIVATE HISTORICAL MUSEUMS FOR THE PRESERVATION OF
2 THIS COMMONWEALTH'S HISTORICAL PLACES?
3 Section 2. Conduct of election.
4 The election shall be conducted in accordance with the act of
5 June 3, 1937 (P.L.1333, No.320), known as the Pennsylvania
6 Election Code, except that the time limits for advertisement of
7 notice of the election may be waived as to the question.
8 Section 3. Results of election.
9 The results of the election shall be tabulated in the manner
10 provided by law and the Secretary of the Commonwealth shall
11 certify them to the Governor, the Senate and the House of
12 Representatives.
13 Section 4. Proceeds. <--
14 Proceeds of borrowing under this act shall be invested by the
15 State Treasurer and used to guarantee a sufficient return to the
16 lenders to enable them to make a down payment on a home in this
17 Commonwealth within three to seven years.
18 SECTION 4. ALLOCATION OF INDEBTEDNESS. <--
19 THE GENERAL ASSEMBLY SHALL, BY LAW, SPECIFICALLY ALLOCATE THE
20 PROCEEDS OF THE INDEBTEDNESS INCURRED UNDER THIS ACT FOR SUCH
21 PURPOSES AND IN SUCH AMOUNTS AS CONFORM TO THE ALLOCATIONS
22 SPECIFIED IN THE REFERENDUM QUESTION.
23 Section 5. Effective date.
24 This act shall take effect immediately.
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