PRINTER'S NO. 1827
No. 1504 Session of 1997
INTRODUCED BY CASORIO, ITKIN, BELARDI, EVANS, WALKO, MELIO,
LAUGHLIN, TRELLO, WOJNAROSKI, BOSCOLA, DALEY, YOUNGBLOOD,
RAMOS, GRUITZA, SAINATO, LEVDANSKY AND PRESTON, MAY 14, 1997
REFERRED TO COMMITTEE ON COMMERCE AND ECONOMIC DEVELOPMENT,
MAY 14, 1997
AN ACT
1 Amending the act of May 17, 1956 (1955 P.L.1609, No.537),
2 entitled "An act to promote the welfare of the people of the
3 Commonwealth by the reduction of unemployment in certain
4 areas of the Commonwealth determined to be critical economic
5 areas; providing for the establishment of industrial
6 development projects in such areas; creating The Pennsylvania
7 Industrial Development Authority as a body corporate and
8 politic with power to allocate funds for and make secured
9 loans to industrial development agencies for the payment of a
10 part of the cost of industrial development projects in
11 critical economic areas; authorizing the Authority to enter
12 into agreements with the Government of the United States or
13 any Federal agency or industrial development agency;
14 empowering the Authority to take title to, sell, convey and
15 lease industrial development projects where necessary to
16 protect loans made by the Pennsylvania Industrial Development
17 Authority on industrial development projects; providing that
18 no debt of the Commonwealth, its municipalities or political
19 subdivisions shall be incurred in the exercise of any powers
20 granted by this act; and providing for the examination of the
21 accounts and affairs of the Authority; and making an
22 appropriation," defining "targeted community"; and further
23 providing for general powers of the authority.
24 The General Assembly of the Commonwealth of Pennsylvania
25 hereby enacts as follows:
26 Section 1. Section 3 of the act of May 17, 1956 (1955
27 P.L.1609, No.537), known as the Pennsylvania Industrial
1 Development Authority Act, is amended by adding a clause to
2 read:
3 Section 3. Definitions.--The following terms, whenever used
4 or referred to in this act, shall have the following meanings,
5 except in those instances where the context clearly indicates
6 otherwise:
7 * * *
8 (v) The term "targeted community" shall mean any of those
9 entities included in the definition of "targeted community"
10 under the act of June 29, 1996 (P.L.434, No.67), known as the
11 "Job Enhancement Act."
12 Section 2. Section 5(h) of the act, amended July 13, 1988
13 (P.L.534, No.95), is amended to read:
14 Section 5. Powers of the Authority; General.--The Authority,
15 as a public corporation and governmental instrumentality
16 exercising public powers of the Commonwealth, is hereby granted
17 and shall have and may exercise all powers necessary or
18 appropriate to carry out and effectuate the purposes of this
19 act, including the following powers, in addition to others
20 herein granted:
21 * * *
22 (h) To make, upon proper application of industrial
23 development agencies, loans to such industrial development
24 agencies of moneys held in the Industrial Development Fund or
25 other accounts of the Authority for industrial development
26 projects in critical economic areas [and], to provide for the
27 repayment and redeposit of such allocations and loans in the
28 manner hereinafter provided and to reduce equity demands for
29 individual projects as an incentive for start-up companies in
30 targeted communities;
19970H1504B1827 - 2 -
1 * * *
2 Section 3. This act shall take effect in 60 days.
C10L64JAM/19970H1504B1827 - 3 -