obligations.--The maximum amount of redevelopment assistance
capital projects undertaken by the Commonwealth for which
obligations are outstanding shall not exceed, in aggregate,
[$3,450,000,000.] $3,400,000,000. Beginning July 1, 2018, and
each July 1 thereafter until the sum of the outstanding
obligations for redevelopment assistance capital projects equals
$3,200,000,000, the sum of the maximum amount of outstanding
obligations for redevelopment assistance projects shall be
decreased by $50,000,000.
(b.1) Limitation on additional capital project releases
financed by debt.--In each fiscal year, the following
limitations on releasing additional capital projects for funding
authorizations financed by debt shall apply:
(1) The maximum amount of additional public improvement
projects released for funding by the Commonwealth in a fiscal
year shall not exceed $350,000,000.
(2) The maximum amount of additional redevelopment
assistance capital projects released for funding by the
Commonwealth in a fiscal year shall not exceed $125,000,000.
(b.2) Carry forward.--
(1) Subject to the limitations in paragraph (2), in a
fiscal year in which the projects released for funding under
subsection (b.1) is less than the amount authorized for
release under subsection (b.1), the remaining amount may be
carried forward and added to the following fiscal year
limitation for projects released for funding under subsection
(b.1).
(2) The amount carried forward under paragraph (1) may
not exceed half of the total amount authorized to be released
for funding in that project category for the previous fiscal
year.
(c) Housing units.--An amount not to exceed $50,000,000 of
the amount under subsection (b) may be used for the construction
of housing units.
Section 2. The act is amended by adding a chapter to read:
CHAPTER 6
CAPITAL BUDGETS
SUBCHAPTER A
SCOPE OF CHAPTER
Section 601. Scope of chapter.
This chapter applies to capital budgets for particular fiscal
years.
SUBCHAPTER B
CAPITAL BUDGET ACT OF 2017-2018
Section 611. Short title.
This subchapter shall be known and may be cited as the
Capital Budget Act of 2017-2018.
Section 612. Overall limitations on debt to be incurred for
capital projects.
The maximum principal amount of additional debt to be
incurred during the 2017-2018 fiscal year and thereafter until
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