|Posted:||June 12, 2017 10:06 AM|
|From:||Representative Jason Ortitay|
|To:||All House members|
|Subject:||School District Debt Refinancing Bonds Legislation|
|As you are likely aware, Act 25 of 2016 established a new article in the Fiscal Code requiring funds to be acquired from an appropriation-backed bond issue through the Commonwealth Financing Authority in order to provide reimbursements to school districts with projects already in the PlanCon process. Language in the Fiscal Code further provides that these districts with projects in the process are eligible for reimbursement payments under the article, as long as they have voted to proceed with construction and awarded bids on their construction contracts by July 1, 2019. My legislation simply will change this deadline to July 1, 2022 to ensure that those school districts, which have projects currently in the PlanCon process but may not be due to bid out the construction contracts prior to this deadline, can still receive these payments.
I hope you will join me in co-sponsoring this legislation.
Introduced as HB1586