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| THE GENERAL ASSEMBLY OF PENNSYLVANIA |
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| SENATE BILL |
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| INTRODUCED BY VOGEL, ORIE, YAW, FONTANA, RAFFERTY, PILEGGI, ERICKSON, ARGALL, SOLOBAY AND ALLOWAY, APRIL 28, 2011 |
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| REFERRED TO COMMUNITY, ECONOMIC AND RECREATIONAL DEVELOPMENT, APRIL 28, 2011 |
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| AN ACT |
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1 | Amending Title 64 (Public Authorities and Quasi-Public |
2 | Corporations) of the Pennsylvania Consolidated Statutes, |
3 | further providing for the First Industries Program. |
4 | The General Assembly of the Commonwealth of Pennsylvania |
5 | hereby enacts as follows: |
6 | Section 1. Section 1552(e)(2)(i)(B) and (3.1) and (e.2) of |
7 | Title 64 of the Pennsylvania Consolidated Statutes are amended |
8 | to read: |
9 | § 1552. First Industries Program. |
10 | * * * |
11 | (e) Loan guarantees.-- |
12 | * * * |
13 | (2) The board shall review the application to determine |
14 | all of the following: |
15 | (i) * * * |
16 | (B) Beginning on the effective date of this |
17 | paragraph through [June 30, 2011] July 15, 2015, that |
18 | the project has been awarded a planning grant under |
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1 | this section or that at least $500,000 of private |
2 | funds are being invested in the project. |
3 | * * * |
4 | (3.1) Beginning on the effective date of this paragraph |
5 | through [June 30, 2011] July 15, 2015, a guarantee of 51% to |
6 | 90% of the principal amount of the loan to assist with the |
7 | financing of a project related to agriculture may be awarded |
8 | by the board. The guarantee shall be subject to a one-time |
9 | fee of 2% of the amount of the loan multiplied by the |
10 | percentage of the guarantee. |
11 | * * * |
12 | (e.2) Sunset.--After [June 30, 2011] July 15, 2015, no Farm |
13 | Credit Institution under the Farm Credit Act of 1971 shall be |
14 | eligible for any loan guarantees under this chapter. |
15 | * * * |
16 | Section 2. This act shall take effect immediately. |
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