PRINTER'S NO. 3754
No. 2823 Session of 1992
INTRODUCED BY KREBS, ARNOLD, TULLI, E. Z. TAYLOR, DeWEESE,
STISH, EVANS, CARONE, BLAUM, CAPPABIANCA, HANNA, KASUNIC,
CORRIGAN, FAJT, PETRONE, PRESTON, GERLACH, SAURMAN AND SURRA,
JUNE 10, 1992
REFERRED TO COMMITTEE ON APPROPRIATIONS, JUNE 10, 1992
AN ACT
1 Appropriating money from the Sunny Day Fund to the Department of
2 Commerce for various projects throughout this Commonwealth
3 for fiscal year 1992-1993.
4 The General Assembly of the Commonwealth of Pennsylvania
5 hereby enacts as follows:
6 Section 1. The sums set forth in this act, or as much
7 thereof as may be necessary, are hereby specifically
8 appropriated from the Sunny Day Fund to the Department of
9 Commerce for the fiscal year July 1, 1992, to June 30, 1993, for
10 the projects listed in this act to enhance economic development
11 and the creation of jobs in this Commonwealth in accordance with
12 the provisions of Chapter 1 of the act of July 1, 1985 (P.L.120,
13 No.32), known as the Sunny Day Fund Act.
14 Section 2. The following amounts are appropriated to the
15 Department of Commerce to induce companies to locate large
16 industrial, manufacturing or research and development
17 enterprises within this Commonwealth:
1 (1) For the purpose of making a loan to
2 Murry's, Inc., a vertically integrated meat and
3 poultry processing company, to expand its existing
4 facility in Lebanon through the construction of an
5 80,000 square foot processing and distribution
6 facility in the city of Lebanon's enterprise zone.
7 Murry's, Inc., will invest at least $12,000,000
8 into the project, which will create approximately
9 200 new jobs within three years of operation...... $1,000,000
10 (2) For the purpose of making a loan to U.S.
11 Bioscience, a company involved in the development
12 and commercialization of new cancer treatments and
13 allied diseases, to locate a pharmaceutical
14 production facility in Chester or Montgomery
15 County. U.S. Bioscience will invest at least
16 $50,000,000 into the project, which will create
17 approximately 270 new jobs within three years of
18 operation......................................... $2,000,000
19 Section 3. It is the intent of the General Assembly that the
20 appropriations in section 2 shall be loaned at an annual
21 interest rate that in no case shall be less than the
22 Pennsylvania Industrial Development Authority's rate for the
23 area in which the project is located and for a term that shall
24 be the same as the term for an equivalent Pennsylvania
25 Industrial Development Authority project. Private companies
26 which receive Sunny Day Fund assistance but fail to make the
27 investment in the enterprise development as specified in section
28 2 shall be liable for the repayment of all Sunny Day Fund
29 moneys, including any accrued interest thereon and any penalties
30 set by the Secretary of Commerce. Private companies which
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1 receive Sunny Day Fund assistance but fail to create the number
2 of jobs specified in the approved loan or other agreements with
3 the Commonwealth shall be liable for a penalty equal to an
4 increase in the interest charged to 2% greater than the current
5 prime interest rate for the remainder of the loan, unless the
6 penalty is waived by the Secretary of Commerce because the
7 failure is due to circumstances outside the control of the
8 private company. The Secretary of Commerce shall consult with
9 the chairmen of the Appropriations Committee of the Senate and
10 the Appropriations Committee of the House of Representatives
11 prior to the establishment of waiver of penalties.
12 Section 4. For a period equal to the term of assistance
13 provided each project under this act, the Department of Commerce
14 shall provide a written report on the status of each project to
15 the Secretary of the Senate and the Chief Clerk of the House of
16 Representatives by June 30 of each year. This report shall
17 contain, at a minimum, information pertaining to the specific
18 use of the Sunny Day Fund money, the interest rate and term of
19 the Sunny Day Fund loan, the amount of principal outstanding and
20 interest due on the loan and the number of jobs created by the
21 project. All recipients of funds under this act shall be
22 required to provide any and all information required by the
23 Department of Commerce for the purpose of this act.
24 Section 5. No funds under this act shall be awarded by the
25 Department of Commerce after June 30, 1994. Any funds from this
26 appropriation remaining unexpended or unencumbered on June 30,
27 1994, shall automatically lapse into the Sunny Day Fund.
28 Section 6. This act shall take effect immediately.
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