Bill Text: PA HB1597 | 2009-2010 | Regular Session | Introduced

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Bill Title: Further providing for indebtedness and for the Second Stage Loan Program.

Spectrum: Strong Partisan Bill (Democrat 14-1)

Status: (Engrossed - Dead) 2009-06-26 - Referred to COMMUNITY, ECONOMIC AND RECREATIONAL DEVELOPMENT [HB1597 Detail]

Download: Pennsylvania-2009-HB1597-Introduced.html

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PRINTER'S NO. 1989
THE GENERAL ASSEMBLY OF PENNSYLVANIA
HOUSE BILL
No. 1597 Session of2009
INTRODUCED BY MIRABITO, DALEY, HESS, BRADFORD, CALTAGIRONE, CARROLL, GIBBONS, HOUGHTON, JOSEPHS, LONGIETTI, SIPTROTH AND STURLA, JUNE 3, 2009
REFERRED TO COMMITTEE ON COMMERCE, JUNE 3, 2009
AN ACT
Amending Title 64 (Public Authorities and Quasi-Public
Corporations) of the Pennsylvania Consolidated Statutes,
further providing for indebtedness and for the Second Stage
Loan Program.
The General Assembly of the Commonwealth of Pennsylvania
hereby enacts as follows:
Section 1. Sections 1543(b)(7) and (8) and 1553(e)(1)(ii)
and (f) of Title 64 of the Pennsylvania Consolidated Statutes
are amended to read:
§ 1543. Indebtedness.
* * *
(b) Program limitations.--Indebtedness incurred by the
authority under subsection (a) shall not, in aggregate, exceed
any of the following:
* * *
(7) [$100,000,000] $50,000,000 for the program
established in section 1556 (relating to Tax Increment
Financing Guarantee Program).
(8) [$50,000,000] $100,000,000 for the program
established in section 1553 (relating to Second Stage Loan
Program).
* * *
§ 1553. Second Stage Loan Program.
* * *
(e) Application review.--
(1) The board shall review the application to determine
all of the following:
* * *
(ii) That the borrower's business has been in
existence for at least two years [but no more than seven
years] at the time of application.
* * *
(f) Limitations.--
(1) During [the first two years of] the term of a loan
for which a guarantee certificate has been issued, the
guarantee may not exceed 50% of the outstanding principal
amount of the loan. [From the end of year two through either
the end of year seven or the end of the term of the loan,
whichever occurs first, the guarantee may not exceed 25% of
the outstanding principal amount of the loan.] The guarantee
will terminate at the end of seven years.
(2) At no time may a guarantee exceed [$1,000,000]
$5,000,000 for any one loan.
Section 2. This act shall take effect immediately.
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