Bill Text: PA HB1704 | 2011-2012 | Regular Session | Introduced

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Bill Title: In Commonwealth Financing Authority, providing for suspension of certain programs.

Spectrum: Strong Partisan Bill (Republican 14-1)

Status: (Introduced - Dead) 2011-06-21 - Referred to FINANCE [HB1704 Detail]

Download: Pennsylvania-2011-HB1704-Introduced.html

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PRINTER'S NO. 2154
THE GENERAL ASSEMBLY OF PENNSYLVANIA
HOUSE BILL
No. 1704 Session of2011
INTRODUCED BY PERRY, AUMENT, BOYD, CALTAGIRONE, CUTLER, GINGRICH, GROVE, KNOWLES, LAWRENCE, METCALFE, ROAE, SCHRODER, SWANGER, TALLMAN AND VULAKOVICH, JUNE 21, 2011
REFERRED TO COMMITTEE ON FINANCE, JUNE 21, 2011
AN ACT
Amending Title 64 (Public Authorities and Quasi-Public
Corporations) of the Pennsylvania Consolidated Statutes, in
Commonwealth Financing Authority, providing for suspension of
certain programs.
The General Assembly of the Commonwealth of Pennsylvania
hereby enacts as follows:
Section 1. Title 64 of the Pennsylvania Consolidated
Statutes is amended by adding a section to read:
§ 1559. Suspension of programs.
Notwithstanding any other provision of this chapter to the
contrary, the following shall apply to the programs under
sections 1551 (relating to Business in Our Sites Program), 1552
(relating to First Industries Program), 1553 (relating to Second
Stage Loan Program), 1554 (relating to New Pennsylvania Venture
Guarantee Program), 1555 (relating to Building Pennsylvania
Program), 1556 (relating to Tax Increment Financing Guarantee
Program) and 1557 (relating to New Pennsylvania Venture Capital
Investment Program):
(1) No loan commitments, grant commitments or guarantees
may be approved by the authority after the effective date of
this section.
(2) Loan commitments that were authorized by board
action prior to the effective date of this section but not
funded as of the effective date of this section shall have a
period of not more than 36 months from the effective date of
this section in which to draw down the loan funds.
(3) The authority may not modify any loan, grant or
guarantee approved prior to the effective date of this
section.
(4) Loan repayments shall be used solely for the purpose
of paying, retiring, satisfying or discharging outstanding
bonds issued prior to the effective date of this section for
the purposes of this chapter.
Section 2. This act shall take effect immediately.
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