PRINTER'S NO. 3340
THE GENERAL ASSEMBLY OF PENNSYLVANIA
HOUSE BILL
No.
2064
Session of
2020
INTRODUCED BY WARNER, ECKER, HENNESSEY, STRUZZI, CAUSER,
SCHLEGEL CULVER, FRITZ AND CIRESI, FEBRUARY 24, 2020
REFERRED TO COMMITTEE ON TRANSPORTATION, FEBRUARY 24, 2020
AN ACT
Amending the act of April 9, 1929 (P.L.177, No.175), entitled,
"An act providing for and reorganizing the conduct of the
executive and administrative work of the Commonwealth by the
Executive Department thereof and the administrative
departments, boards, commissions, and officers thereof,
including the boards of trustees of State Normal Schools, or
Teachers Colleges; abolishing, creating, reorganizing or
authorizing the reorganization of certain administrative
departments, boards, and commissions; defining the powers and
duties of the Governor and other executive and administrative
officers, and of the several administrative departments,
boards, commissions, and officers; fixing the salaries of the
Governor, Lieutenant Governor, and certain other executive
and administrative officers; providing for the appointment of
certain administrative officers, and of all deputies and
other assistants and employes in certain departments, boards,
and commissions; providing for judicial administration; and
prescribing the manner in which the number and compensation
of the deputies and all other assistants and employes of
certain departments, boards and commissions shall be
determined," in powers and duties of Department of
Transportation, further providing for Pennsylvania
Infrastructure Bank.
The General Assembly of the Commonwealth of Pennsylvania
hereby enacts as follows:
Section 1. Section 2015 of the act of April 9, 1929
(P.L.177, No.175), known as The Administrative Code of 1929, is
amended to read:
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Section 2015. Pennsylvania Infrastructure Bank.--(a) There
is hereby established a special fund in the Department of
Transportation to be known as the Pennsylvania Infrastructure
Bank. The fund shall be administered by the Department of
Transportation, and the State Treasurer shall be the treasurer-
custodian of the fund. All moneys in the fund are hereby
appropriated to the Department of Transportation for the
purposes specified in this section. The State Treasurer is
authorized to hold and to disburse in accordance with this
section all Federal and State money deposited in the fund. The
Department of Transportation is also authorized to use money in
the Highway and Safety Improvements appropriation in the Motor
License Fund to provide payments as authorized by Federal law,
including matching funds, for the Pennsylvania Infrastructure
Bank.
(b) The Department of Transportation is authorized to:
(1) make loans to or enter into leases with qualified
borrowers to finance the costs of qualified projects and to
acquire, hold and sell borrower obligations evidencing the
loans;
(2) enter into guaranties secured solely by or purchase
insurance or other credit enhancement through amounts on deposit
in the fund;
(3) enter into contracts, arrangements and agreements to
provide assistance through amounts on deposit in the fund. The
Department of Transportation shall determine the form and
content of any borrower obligation, including the terms and rate
of interest on any loans or leases;
(4) enter into contracts, arrangements and agreements with
other persons and execute and deliver all trust agreements, loan
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agreements and other instruments necessary or convenient to the
exercise of the powers granted by this section;
(5) enter into grant cooperative, operating and other
agreements with the United States relating to the fund;
(6) establish and collect fees, charges and interest;
(7) establish fiscal controls and accounting procedures for
the fund;
(8) adopt regulations, procedures or guidelines for the bank
and for accounting procedures by qualified borrowers for
financial assistance and projects; [and]
(9) establish accounts and subaccounts in the fund as
necessary and invest moneys held in the fund[.];
(10) make loans to a county infrastructure bank to finance
the costs of qualified projects within the county; and
(11) provide special terms and lower interest rates for
loans made to a county infrastructure bank that are otherwise
unavailable to the county infrastructure bank.
(c) The Department of Transportation is authorized to take
any actions required by Federal law or regulation in order to
qualify as a State infrastructure bank and to receive Federal
funds made available to State infrastructure banks.
(d) The Department of Transportation shall not be authorized
to be a bank, trust company, insurance company or dealer in
securities subject to any Federal or State banking or insurance
regulating agency or any securities, securities exchange or
securities dealers' law.
(e) The Department of Transportation shall develop
eligibility requirements and a process for the application and
issuing of loans to county infrastructure banks under subsection
(b). A county infrastructure bank applying for a loan must
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submit a thirty-year infrastructure plan and any other
documentation deemed necessary by the Department of
Transportation to demonstrate that the loan will be used
exclusively for qualified projects approved by the Department of
Transportation.
Section 2. This act shall take effect in 60 days.
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