SENATE AMENDED
PRIOR PRINTER'S NO. 3813
PRINTER'S NO. 4341
THE GENERAL ASSEMBLY OF PENNSYLVANIA
HOUSE BILL
No.
2536
Session of
2020
INTRODUCED BY JAMES, MOUL, EVERETT, FREEMAN, SAPPEY AND KORTZ,
MAY 21, 2020
SENATOR MARTIN, LOCAL GOVERNMENT, IN SENATE, AS AMENDED,
SEPTEMBER 8, 2020
AN ACT
Amending Title 53 (Municipalities Generally) of the Pennsylvania
Consolidated Statutes, in incurring debt and issuing bonds
and notes, providing for emergency tax anticipation notes.
The General Assembly of the Commonwealth of Pennsylvania
hereby enacts as follows:
Section 1. Title 53 of the Pennsylvania Consolidated
Statutes is amended by adding a section to read:
ยง 8121.1. Emergency tax anticipation notes.
(a) Legislative findings.--The General Assembly finds and
declares that the proclamation of disaster emergency issued by
the Governor on March 6, 2020, published at 50 Pa.B. 1644 (March
21, 2020), and the resulting global pandemic from COVID-19, has
had an unexpected and sudden effect on the citizens, governments
and businesses of the Commonwealth, including a material
negative effect on the revenues of many local government units.
(b) Emergency borrowing authorized.--Notwithstanding any
other provision of this title or law, a local government unit
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may borrow money under section 8121 (relating to power to issue
tax anticipation notes) with the following additional terms:
(1) For the purposes of this subsection, the governing
body's anticipation of current taxes or current revenues may
include an anticipation that the taxes levied or revenues
receivable may not be received, in full or in part, until
after the end of the current fiscal year due to the extension
of tax filing deadlines, administrative break-down during the
proclamation of disaster emergency issued by the Governor on
March 6, 2020, published at 50 Pa.B. 1644 (March 21, 2020),
and any renewal of the state of disaster emergency,
unexpected severe economic contraction or the inability to
timely enforce collection due to the proclamation of disaster
emergency.
(2) In addition to the other requirements under this
subchapter, a governing body shall establish a maturity date
for a tax anticipation note issued under this subsection
which shall not be later than the last day of the following
fiscal year of the local government which ends not less than
15 months nor more than 26 months following the effective
date of this subsection. LOCAL GOVERNMENT UNIT'S FISCAL YEAR
IN 2022.
(c) Expiration.--No local government unit may borrow money
under the authorization of this section after December 31, 2021.
Section 2. This act shall take effect immediately.
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