PRINTER'S NO. 665
No. 600 Session of 1997
INTRODUCED BY SEYFERT, FEBRUARY 13, 1997
REFERRED TO COMMITTEE ON APPROPRIATIONS, FEBRUARY 13, 1997
A SUPPLEMENT
1 To the act of (P.L. , No. ), entitled
2 "An act providing for the capital budget for the fiscal year
3 1997-1998," itemizing redevelopment assistance projects to be
4 constructed or acquired or assisted by the Department of
5 Community and Economic Development, together with their
6 estimated financial costs; authorizing the incurring of debt
7 without the approval of the electors for the purpose of
8 financing the projects to be constructed or acquired or
9 assisted by the Department of Community and Economic
10 Development; stating the estimated useful life of the
11 projects; authorizing certain waivers; and making an
12 appropriation.
13 The General Assembly of the Commonwealth of Pennsylvania
14 hereby enacts as follows:
15 Section 1. Short title.
16 This act shall be known and may be cited as the Capital
17 Budget Redevelopment Assistance Project Itemization Act for
18 1997-1998.
19 Section 2. Total authorization.
20 The total authorization for the capital projects in the
21 category of redevelopment assistance projects itemized in
22 section 3 for capital grants by the Department of Community and
1 Economic Development, its successors or assigns, and to be
2 financed by the incurring of debt, shall be $3,000,000.
3 Section 3. Itemization of redevelopment assistance projects.
4 Additional capital projects in the category of redevelopment
5 assistance projects to be acquired or constructed by the
6 Department of Community and Economic Development, its successors
7 or assigns, and to be financed by the incurring of debt, are
8 hereby itemized, together with their estimated financial costs,
9 as follows:
10 Total
11 Project
12 Project Allocation
13 (1) Erie County
14 (i) Erie County Industrial Development Authority
15 (A) Phase I improvements to
16 Fairview Industrial Park 3,000,000
17 Section 4. Debt authorization.
18 The Governor, the Auditor General and the State Treasurer are
19 hereby authorized and directed to borrow, from time to time, in
20 addition to any authorization heretofore or hereafter enacted,
21 on the credit of the Commonwealth, subject to the limitations
22 provided in the current capital budget, money not exceeding in
23 the aggregate the sum of $3,000,000 as may be found necessary to
24 carry out the acquisition and construction of the redevelopment
25 assistance projects specifically itemized in a capital budget.
26 Section 5. Issue of bonds.
27 The indebtedness authorized in this act shall be incurred,
28 from time to time, and shall be evidenced by one or more series
29 of general obligation bonds of the Commonwealth in such
30 aggregate principal amount for each series as the Governor, the
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1 Auditor General and the State Treasurer shall determine, but the
2 latest stated maturity date shall not exceed the estimated
3 useful life of the projects being financed as stated in section
4 6.
5 Section 6. Estimated useful life and term of debt.
6 (a) Estimated useful life.--The General Assembly states that
7 the estimated useful life of the redevelopment assistance
8 projects itemized in this act is 30 years.
9 (b) Term of debt.--The maximum term of the debt authorized
10 to be incurred under this act is 30 years.
11 Section 7. Appropriation.
12 The net proceeds of the sale of the obligations authorized in
13 this act are hereby appropriated from the Capital Facilities
14 Fund to the Department of General Services in the maximum amount
15 of $3,000,000 to be used by it exclusively to defray the
16 financial cost of the redevelopment assistance projects
17 specifically itemized in a capital budget. After reserving or
18 paying the expense of the sale of the obligation, the State
19 Treasurer shall pay to the Department of General Services the
20 moneys as required and certified by it to be legally due and
21 payable.
22 Section 8. Federal funds.
23 In addition to those funds appropriated in section 7, all
24 moneys received from the Federal Government for the projects
25 specifically itemized in this act are also hereby appropriated
26 for those projects.
27 Section 9. Editorial changes.
28 In editing and preparing this act for printing following the
29 final enactment, the Legislative Reference Bureau shall insert
30 or revise letters or numbers for projects where the letters or
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1 numbers are missing or require revision. The bureau shall also
2 revise the total monetary amounts for the total authorization,
3 debt authorization, appropriations and departmental totals as
4 necessary to agree with the total monetary amounts of the
5 projects.
6 Section 10. Effective date.
7 This act shall take effect immediately.
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