PRINTER'S NO. 3580
THE GENERAL ASSEMBLY OF PENNSYLVANIA
HOUSE BILL
No.
2418
Session of
2020
INTRODUCED BY O'NEAL, APRIL 17, 2020
REFERRED TO COMMITTEE ON FINANCE, APRIL 17, 2020
AN ACT
Amending the act of April 9, 1929 (P.L.177, No.175), entitled
"An act providing for and reorganizing the conduct of the
executive and administrative work of the Commonwealth by the
Executive Department thereof and the administrative
departments, boards, commissions, and officers thereof,
including the boards of trustees of State Normal Schools, or
Teachers Colleges; abolishing, creating, reorganizing or
authorizing the reorganization of certain administrative
departments, boards, and commissions; defining the powers and
duties of the Governor and other executive and administrative
officers, and of the several administrative departments,
boards, commissions, and officers; fixing the salaries of the
Governor, Lieutenant Governor, and certain other executive
and administrative officers; providing for the appointment of
certain administrative officers, and of all deputies and
other assistants and employes in certain departments, boards,
and commissions; providing for judicial administration; and
prescribing the manner in which the number and compensation
of the deputies and all other assistants and employes of
certain departments, boards and commissions shall be
determined," providing for COVID-19 debt cost reduction
review.
The General Assembly of the Commonwealth of Pennsylvania
hereby enacts as follows:
Section 1. The act of April 9, 1929 (P.L.177, No.175), known
as The Administrative Code of 1929, is amended by adding an
article to read:
ARTICLE XXI-C
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COVID-19 DEBT COST REDUCTION REVIEW
Section 2101-C. Review of refinancing opportunities.
The Treasury Department, in conjunction with the Secretary of
the Budget, the Auditor General and any chairperson of an
authority, commission, agency, board or other State-authorized
entity that has the power to issue debt, shall identify and
review all outstanding debt obligations of the Commonwealth and
its authorities, commissions, agencies, boards or other State-
authorized entities and submit a report of the findings to the
General Assembly no later than June 30, 2020. In addition to the
identification and review of all outstanding debt obligations,
the report shall identify options for the refinancing of the
outstanding debt obligations to reduce the costs to the
Commonwealth and its authorities.
Section 2. This act shall take effect immediately.
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