Bill Information

An Act amending the act of July 12, 1972 (P. L. 781, No. 185), entitled, as amended, "Local Government Unit Debt Act," further defining "project"; providing for the exclusion of debt issued to fund unfunded actuarial accrued liability from debt limits and for the exclusion of debt issued to fund unfunded actuarial accrued liability in the calculation of net nonelectoral debt; authorizing the pledge of proceeds of bonds or notes issued to fund unfunded actuarial accrued liability as security for such bonds or notes; providing for the maturity date of bonds or notes issued to fund unfunded actuarial accrued liability to be not more than 40 years from the date of issuance of such bonds or notes and for the exclusion of debt issued to fund unfunded actuarial accrued liability from level debt service requirements; and authorizing local government units to contribute to a pension trust fund or funds the proceeds of bonds or notes issued to fund unfunded actuarial accrued liability.