PRINTER'S NO. 3272
No. 2343 Session of 2004
INTRODUCED BY PETRARCA, SAINATO, TIGUE, BARRAR, TURZAI, GRUCELA,
SURRA, CRAHALLA, CASORIO, MYERS, LEACH, PISTELLA, HERMAN,
STERN, READSHAW, SCAVELLO, WATERS, NAILOR, HARRIS, CAPPELLI,
COLEMAN, DALEY, DeLUCA, FABRIZIO, JAMES, LEH, ROEBUCK,
ROHRER, ROONEY, YOUNGBLOOD, BOYD AND DENLINGER,
FEBRUARY 4, 2004
REFERRED TO COMMITTEE ON STATE GOVERNMENT, FEBRUARY 4, 2004
AN ACT
1 Amending the act of May 21, 1937 (P.L.774, No.211), entitled "An
2 act to facilitate vehicular traffic between the eastern and
3 western sections of the Commonwealth by providing for the
4 construction, operation and maintenance of a turnpike from a
5 point at or near Middlesex in Cumberland County to a point at
6 or near Irwin in Westmoreland County; providing for the
7 creation of the Pennsylvania Turnpike Commission, and
8 conferring powers and imposing duties on said commission;
9 authorizing the issuance of turnpike revenue bonds of the
10 Commonwealth, payable solely from tolls, to pay the cost of
11 such turnpike; providing that no debt of the Commonwealth
12 shall be incurred in the exercise of any of the powers
13 granted by this act; providing for the collection of tolls
14 for the payment of such bonds and for the cost of
15 maintenance, operation and repair of the turnpike; making
16 such bonds exempt from taxation; constituting such bonds
17 legal investments in certain instances; prescribing
18 conditions upon which such turnpike shall become free;
19 providing for condemnation; granting certain powers and
20 authority to municipal subdivisions and agencies of the
21 Commonwealth to cooperate with the commission; and
22 authorizing the issuance of turnpike revenue refunding
23 bonds," further providing for the authority of the
24 Pennsylvania Turnpike Commission to fix and revise tolls.
25 The General Assembly of the Commonwealth of Pennsylvania
26 hereby enacts as follows:
27 Section 1. Section 12 of the act of May 21, 1937 (P.L.774,
1 No.211), referred to as the Pennsylvania Turnpike Commission
2 Act, is amended to read:
3 Section 12. The turnpike when completed and opened to
4 traffic shall be maintained and repaired by and under the
5 control of the commission through the Department of Highways of
6 the Commonwealth, and all charges and costs for such maintenance
7 and repairs actually expended by said Department of Highways
8 shall be paid to it by the commission upon certification thereof
9 out of tolls. Such turnpike shall also be policed and operated
10 by such force of police, toll-takers and other operating
11 employes as the commission may in its discretion employ.
12 The commission, with the approval of the Senate and the House
13 of Representatives, is hereby authorized to fix and to revise
14 from time to time tolls for the use of the turnpike and the
15 different parts or sections thereof, and to charge and collect
16 the same, and to contract with any person, partnership,
17 association or corporation desiring the use of any part thereof,
18 including the right of way adjoining the paved portion, for
19 placing thereon telephone, telegraph, electric light or power
20 lines, gas stations, garages, stores, hotels, restaurants, and
21 advertising signs, or for any other purpose, except for tracks
22 for railroad or railway use, and to fix the terms, conditions,
23 rents and rates of charges for such use. Such tolls shall be so
24 fixed and adjusted as to provide a fund at least sufficient with
25 other revenues of the turnpike, if any, to pay--(a) the cost of
26 maintaining, repairing and operating the turnpike; and (b) the
27 bonds and the interest thereon, and all sinking fund
28 requirements, and other requirements provided by the resolution
29 authorizing the issuance of the bonds or by the trust indenture
30 as the same shall become due. Such tolls shall not be subject to
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1 supervision or regulation by any other State commission, board,
2 bureau or agency. The tolls and all other revenues derived from
3 the turnpike, except such part thereof as may be required to pay
4 the cost of maintaining, repairing and operating the turnpike
5 and to provide such reserves therefor as may be provided for in
6 the resolution authorizing the issuance of the bonds or in the
7 trust indenture, shall be set aside at such regular intervals as
8 may be provided in such resolution or such trust indenture, in a
9 sinking fund which is hereby pledged to, and charged with the
10 payment of, (1) the interest upon such bonds as such interest
11 shall fall due; (2) the principal of the bonds as the same shall
12 fall due; (3) the necessary fiscal agency charges for paying
13 principal and interest; and (4) any premium upon bonds retired
14 by call or purchase as herein provided. The use and disposition
15 of such sinking fund shall be subject to such regulations as may
16 be provided in the resolution authorizing the issuance of bonds
17 or in the trust indenture, but, except as may otherwise be
18 provided in such resolution or trust indenture, such sinking
19 fund shall be a fund for the benefit of all bonds issued
20 hereunder without distinction or priority of one over another.
21 Subject to the provisions of the resolutions authorizing the
22 issuance of bonds or of the trust indenture, any moneys in such
23 sinking fund in excess of an amount equal to one year's interest
24 on all bonds then outstanding may be applied to the purchase or
25 redemption of bonds. All bonds so purchased or redeemed shall
26 forthwith be cancelled and shall not again be issued.
27 Section 2. This act shall take effect immediately.
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