PRINTER'S NO. 2551
No. 1977 Session of 1997
INTRODUCED BY HANNA, LAUGHLIN, BARRAR, ARGALL, OLASZ, BELARDI,
DALEY, TRICH, TIGUE, GORDNER, CALTAGIRONE, SCHRODER, DeLUCA,
BATTISTO, PETRARCA, LEVDANSKY, COLAIZZO, CARONE, TANGRETTI,
DeWEESE, COY, CURRY, McCALL, ITKIN, ROBINSON, GEORGE,
READSHAW, HERMAN, CORPORA, M. COHEN, SCRIMENTI, EVANS,
JAROLIN, WOJNAROSKI, TRAVAGLIO, DALLY, C. WILLIAMS, PLATTS,
CASORIO, YOUNGBLOOD, BOSCOLA, SEYFERT AND LUCYK,
OCTOBER 30, 1997
REFERRED TO COMMITTEE ON ENVIRONMENTAL RESOURCES AND ENERGY,
OCTOBER 30, 1997
AN ACT
1 Amending the act of March 1, 1988 (P.L.82, No.16), entitled "An
2 act providing for the establishment, implementation and
3 administration of the Pennsylvania Infrastructure Investment
4 Authority; imposing powers and duties on a board of trustees;
5 transferring the rights, powers, duties and obligations of
6 the Water Facilities Loan Board to the Pennsylvania
7 Infrastructure Investment Authority; providing for the
8 issuance of notes and bonds; providing for financial
9 assistance and for a comprehensive water facilities plan;
10 authorizing a referendum to incur indebtedness; making an
11 appropriation; and making repeals," authorizing certain loans
12 to property owners for offsetting the cost of installing
13 lateral lines and connecting to municipal sewage systems.
14 The General Assembly of the Commonwealth of Pennsylvania
15 hereby enacts as follows:
16 Section 1. The act of March 1, 1988 (P.L.82, No.16), known
17 as the Pennsylvania Infrastructure Investment Authority Act, is
18 amended by adding a section to read:
19 Section 10.1. Financial assistance to property owners.
20 The board shall have the power to establish and administer a
1 loan program to provide financial assistance to property owners
2 for the purpose of offsetting the cost of installing lateral
3 lines and connecting to a municipal sewage system. The board may
4 establish terms and conditions for the loans in any manner it
5 deems appropriate, subject to the provisions of this section. In
6 approving the loans, the board may consider such factors as it
7 deems relevant, including, but not limited to, current market
8 interest rates, the financial and economic distress of the area
9 in which the property is located, and the necessity to maintain
10 the authority funds in a financially sound manner. Loans may be
11 made based on the property owner's ability to repay the loan or
12 on any other fiscal matters which the authority deems
13 appropriate. All loans shall be secured by a mortgage or other
14 property lien. The board shall have the power to defer principal
15 on loans for up to five years.
16 Section 2. This act shall take effect in 60 days.
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