PRINTER'S NO. 341
THE GENERAL ASSEMBLY OF PENNSYLVANIA
HOUSE BILL
No.
24
Session of
2019
INTRODUCED BY LAWRENCE, TURZAI, BERNSTINE, DUNBAR, HERSHEY,
IRVIN, JAMES, KAUFFMAN, KEEFER, MENTZER, MILLARD, B. MILLER,
SAYLOR, SIMMONS AND ZIMMERMAN, FEBRUARY 5, 2019
REFERRED TO COMMITTEE ON FINANCE, FEBRUARY 5, 2019
AN ACT
Amending the act of February 9, 1999 (P.L.1, No.1), entitled "An
act providing for borrowing for capital facilities;
conferring powers and duties on various administrative
agencies and officers; making appropriations; and making
repeals," in capital facilities, further providing for bonds,
issue of bonds and notes, maturity and interest.
The General Assembly of the Commonwealth of Pennsylvania
hereby enacts as follows:
Section 1. Section 307(c)(3) of the act of February 9, 1999
(P.L.1, No.1), known as the Capital Facilities Debt Enabling
Act, is amended to read:
Section 307. Bonds, issue of bonds and notes, maturity,
interest.
* * *
(c) Terms and conditions.--
* * *
(3) (i) Retirements of principal shall be regular and
substantial if made in annual or semiannual amounts
whether by stated serial maturities or by mandatory
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sinking fund retirements computed in accordance with
[either a level annual debt service plan as nearly as may
be or upon] the equal annual maturities plan.
(ii) Subparagraph (i) shall not apply to funding
bonds authorized under section 312.
* * *
Section 2. This act shall apply to bonds, including funding
bonds, issued on or after July 1, 2019.
Section 3. This act shall take effect immediately.
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