PRINTER'S NO. 4462
No. 2911 Session of 2002
INTRODUCED BY GANNON, OCTOBER 9, 2002
REFERRED TO COMMITTEE ON TRANSPORTATION, OCTOBER 9, 2002
AN ACT
1 Providing for the capital budget for the fiscal year 2001-2002,
2 itemizing a Motor License Fund project stating the estimated
3 useful life of the project; and making an appropriation.
4 The General Assembly of the Commonwealth of Pennsylvania
5 hereby enacts as follows:
6 Section 1. Short title.
7 This act shall be known and may be cited as the Capital
8 Budget Project Itemization Act of 2001-2002.
9 Section 2. Total authorization.
10 The total authorization for the capital project in the
11 category of public improvement projects itemized in section 3
12 and to be constructed by the Department of General Services, its
13 successors or assigns, and to be financed from current revenues
14 in the Motor License Fund shall be $5,000,000.
15 Section 3. Itemization of Motor License Fund current revenue
16 project.
17 A capital project in the category of public improvement
18 projects to be developed by the Department of General Services,
1 its successors or assigns, for the Department of Transportation,
2 and to be financed from current revenues of the Motor License
3 Fund is hereby itemized together with its respective itemized
4 costs as follows:
5 Total
6 Project
7 Project Allocation
8 (1) Department of Transportation
9 (i) Noise wall demonstration project, Nether
10 Providence Township, Delaware County
11 (A) Construct a noise wall along I-476 5,000,000
12 (Base Project Allocation - $2,500,000)
13 (Land Acquisition - $2,000,000)
14 (Design and Contingencies - $500,000)
15 Section 4. Issue of bonds.
16 The indebtedness authorized in this act shall be incurred,
17 from time to time, and shall be evidenced by one or more series
18 of general obligation bonds of the Commonwealth in such
19 aggregate principal amount for each series as the Governor, the
20 Auditor General and the State Treasurer shall determine, but the
21 latest stated maturity date shall not exceed the estimated
22 useful life of the project being financed as stated in section
23 5.
24 Section 5. Estimated useful life and term of debt.
25 (a) Estimated useful life.--The General Assembly states that
26 the estimated useful life of the public improvement project
27 itemized in this act is 30 years.
28 (b) Term of debt.--The maximum term of the debt authorized
29 to be incurred under this act is 30 years.
30 Section 6. Appropriation.
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1 The net proceeds of the sale of the obligations authorized in
2 this act are hereby appropriated from the Capital Facilities
3 Fund to the Department of General Services in the maximum amount
4 of $5,000,000 to be used by it exclusively to defray the
5 financial cost of the public improvement project specifically
6 itemized in a capital budget. After reserving or paying the
7 expense of the sale of the obligation, the State Treasurer shall
8 pay to the Department of Transportation the moneys as required
9 and certified by it to be legally due and payable.
10 Section 7. Effective date.
11 This act shall take effect immediately.
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