PRINTER'S NO. 2211
No. 1556 Session of 1986
INTRODUCED BY CORMAN AND STOUT, JUNE 10, 1986
REFERRED TO APPROPRIATIONS, JUNE 10, 1986
AN ACT
1 Amending the act of July 11, 1985 (P.L.209, No.54), entitled "An
2 act authorizing the incurring of debt for the purpose of
3 financing the Federal share of construction of interstate
4 highways," increasing the debt authorization and
5 appropriation; further providing for the use of certain
6 Federal funds; and limiting the power to incur debt.
7 The General Assembly of the Commonwealth of Pennsylvania
8 hereby enacts as follows:
9 Section 1. Section 1 of the act of July 11, 1985 (P.L.209,
10 No.54), entitled "An act authorizing the incurring of debt for
11 the purpose of financing the Federal share of construction of
12 interstate highways," is amended to read:
13 Section 1. Authorization to borrow funds for interstate highway
14 system.
15 (a) Debt authorization.--The Governor, Auditor General and
16 State Treasurer are hereby authorized and directed to borrow,
17 from time to time, in addition to any authorization heretofore
18 or hereafter enacted, on the credit of the Commonwealth, money
19 not exceeding in the aggregate the sum of [$29,500,000]
1 $350,000,000, as may be found necessary to finance the Federal
2 share of construction of interstate highway system projects as
3 heretofore specifically itemized in a capital budget. Notes or
4 replacement notes shall be evidenced by one or more series of
5 obligations of the Commonwealth, and may not exceed three years
6 from the date of the obligation first issued to evidence the
7 debt.
8 (b) Appropriation.--The net proceeds of the sale of the
9 obligations authorized in subsection (a) are hereby appropriated
10 from the Capital Facilities Fund to the Department of
11 Transportation to be used by it exclusively to defray the
12 Federal share of the costs of construction of interstate highway
13 system projects as heretofore specifically itemized in a capital
14 budget. After reserving or paying the expenses of the sale of
15 the obligations, the State Treasurer shall pay out to the
16 Department of Transportation the moneys as required and
17 certified by it to be legally due and payable.
18 (c) Federal funding.--The Secretary of Transportation shall
19 certify that the projects are eligible for funding under 23
20 U.S.C. § 115(6) (relating to construction by states in advance
21 of apportionment). Such Federal funds as are necessary to repay
22 the costs incurred in borrowing the Federal share of the
23 projects are hereby appropriated [exclusively to repay the costs
24 incurred in borrowing the Federal share of the projects].
25 Federal funds received under 23 U.S.C § 115(6) are to be used
26 exclusively for this program.
27 (d) Authority to incur debt.--In addition to the authority
28 granted in the Capital Budget Act of 1985-1986, and subject to
29 the provisions and definitions of Article XVI-B of the act of
30 April 9, 1929 (P.L.343, No.176), known as The Fiscal Code, the
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1 principal amount of additional debt to be incurred [during the
2 1985-1986 fiscal year] until June 30, 1989, in the category of
3 highway projects for capital projects heretofore specifically
4 itemized in a capital budget pursuant to section 7(a)(4) of
5 Article VIII of the Constitution of Pennsylvania and to be
6 repaid from the Motor License Fund should be [$29,500,000]
7 $350,000,000.
8 (e) Appropriation from the Motor License Fund.--Funds are
9 hereby appropriated from the Motor License Fund to meet the
10 requirements of this act. The Governor shall issue executive
11 authorizations as required to pay project, principal and
12 interest costs.
13 Section 2. This act shall take effect immediately.
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