Bill Information

An Act to promote the education and welfare of the people of the Commonwealth of Pennsylvania; to provide educational facilities at public schools, nonprofit private schools, nonprofit institutions of higher education and cultural institutions in the Commonwealth of Pennsylvania; to provide short-term loans for working capital; establishing the Pennsylvania Educational Facilities Authority as a body corporate and politic with power to finance, refinance, acquire, construct, improve, equip, furnish, operate, lease, and dispose of projects and provide short-term loans; authorizing authorized borrowers to enter into loan agreements to lease and other debt instruments; authorizing and regulating the issuance of notes and bonds and the payment thereof by the authority; granting the right of eminent domain; providing that no debt, obligation or credit of the Commonwealth shall be incurred in the exercise of any powers granted by this act; transferring the rights, assets, powers, duties, liabilities and responsibilities of the State Public School Building Authority and the Pennsylvania Higher Educational Facilities Authority to the Pennsylvania Educational Facilities Authority; and making repeals.