Bill Text: PA SB720 | 2009-2010 | Regular Session | Introduced

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Bill Title: Further providing for the sprinkler system program.

Spectrum: Bipartisan Bill

Status: (Introduced - Dead) 2009-04-01 - Referred to EDUCATION [SB720 Detail]

Download: Pennsylvania-2009-SB720-Introduced.html

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PRINTER'S NO. 810
THE GENERAL ASSEMBLY OF PENNSYLVANIA
SENATE BILL
No. 720 Session of2009
INTRODUCED BY GORDNER, ALLOWAY, BOSCOLA, COSTA, EARLL, KITCHEN, LOGAN, MUSTO, O'PAKE, RAFFERTY, ROBBINS, SMUCKER, TARTAGLIONE, WASHINGTON, WAUGH, WILLIAMS AND WOZNIAK, APRIL 1, 2009
REFERRED TO EDUCATION, APRIL 1, 2009
AN ACT
Amending the act of December 20, 2001 (P.L.969, No.116),
entitled "An act providing for a program to assist public and
private institutions of higher education to install sprinkler
systems in dormitories," further providing for the sprinkler
system program.
The General Assembly of the Commonwealth of Pennsylvania
hereby enacts as follows:
Section 1. Section 3 of the act of December 20, 2001
(P.L.969, No.116), known as the Dormitory Sprinkler System Act,
is amended to read:
Section 3. Sprinkler system program.
(a) Powers.--In addition to its other powers, the authority
is authorized to finance projects to retrofit existing college
dormitories and housing units with sprinklers by making loans to
colleges. If the authority finances a project under this
subsection, it shall finance all costs associated with the
sprinkler installation, including costs of modifying water
supply sources and plumbing necessary for the sprinklers, costs
of renovation work necessary for installation, costs of asbestos
abatement necessary as a result of the installation and costs of
integrated smoke detection and fire alarm systems.
(b) Reimbursement.--For any authority bond issued under
subsection (a), the authority shall reimburse the college each
fiscal year for the cost of interest paid by the college during
the fiscal year on the bond in excess of an interest rate of 3%,
using funds from appropriations to the department for such
purpose or from any other funds available to the department for
such use. The department shall deposit any funds appropriated
for this purpose into a restricted account to be used to pay to
the authority the interest reimbursements when due.
(c) Bonds.--The bonds of the authority issued to pay the
cost of a project under this act shall be authorized by
resolution of the board thereof or by the terms of a trust
indenture authorized by such board and shall be of such series,
shall bear such date or dates, shall mature at such time or
times not exceeding 20 years from their respective dates, shall
bear interest at such rate or rates, shall be in such
denominations, shall be in such form, either coupon or fully
registered without coupons, shall carry such registration,
exchangeability and interchangeability privileges, shall be
payable in such medium of payment and at such place or places,
shall be subject to such terms of redemption not exceeding 105%
of the principal amount thereof and shall be entitled to such
priorities in the revenues, rentals or receipts of the authority
as such trust, indenture, resolution or resolutions may provide.
The bonds shall be signed by such officers, either manually or
by facsimile, as the authority shall determine, and coupon bonds
shall have attached thereto interest coupons bearing the
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facsimile signature of the treasurer of the authority, all as
may be prescribed in such resolution or resolutions. Bonds may
be issued and delivered notwithstanding that one or more of the
officers signing such bonds or the treasurer whose facsimile
signature shall be upon the coupons or any thereof shall have
ceased to be such officer or officers at the time when such
bonds actually shall be delivered. Such bonds may be sold at
public or private sale for such price or prices as the authority
shall determine, with the approval of the college for whose use
the project is being constructed.
Section 2. The amendment of section 3 of the act shall apply
only to those projects for which bonds are issued on or after
the effective date of this section.
Section 3. This act shall take effect in 60 days.
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