(1) Any money derived from the incurring of debt shall
be used solely for effecting the rehabilitation, replacement
or removal of bridges located on State highways. All other
bridge rehabilitation, replacement or removal shall be
financed from current revenue.
(2) Notwithstanding any law to the contrary, the
projects itemized in the act of December 8, 1982 (P.L.848,
No.235), known as the Highway-Railroad and Highway Bridge
Capital Budget Act for 1982-1983, may be financed from
current revenue.
Section 74. Debt authorization.
The Governor, Auditor General and State Treasurer are hereby
authorized and directed to borrow from time to time, in addition
to any authorization heretofore or hereafter enacted, on the
credit of the Commonwealth, subject to the limitations provided
in the current capital budget, money not exceeding in the
aggregate the sum of $000,000,000 as may be found necessary to
carry out the acquisition and construction of the State projects
specifically itemized in this act.
Section 75. Issue of bonds.
The indebtedness authorized in this act shall be incurred
from time to time and shall be evidenced by one or more series
of general obligation bonds of the Commonwealth in such
aggregate principal amount for each series as the Governor,
Auditor General and State Treasurer shall determine, but the
latest stated maturity date shall not exceed 30 years from the
date of the bond first issued for each series.
Section 76. Estimated useful life of projects.
The General Assembly states the estimated useful life of the
projects itemized in this act as 30 years.
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