Pennsylvania Act 1949-174 — CREATING THE TOLL BRIDGE FUND

Act text

CREATING THE TOLL BRIDGE FUND
                 Act of Apr. 22, 1949, P.L. 711, No. 174              Cl. 36
                                  AN ACT

     Authorizing the issue and sale of bonds by the Commonwealth of
        Pennsylvania to defray the cost of acquisition of toll
        bridges; creating a special fund in the State Treasury to be
        known as the Toll Bridge Fund; defining the powers and duties
        of the Governor, the Auditor General, the State Treasurer and
        the Board of Finance and Revenue and the Secretary of
        Highways in relation thereto; providing for the payment of
        interest on, and the redemption of, such bonds; and making
        appropriations.

        The General Assembly of the Commonwealth of Pennsylvania
     hereby enacts as follows:

        Section 1.  Pursuant to the adoption by the people at the
     municipal election held in November, one-thousand nine hundred
     thirty-three, of an amendment to article nine of the
     Constitution of Pennsylvania, which reads as follows:
        "Section 16.  In addition to the purposes stated in article
     nine, section four, of this Constitution, the General Assembly
     may provide, by law, for the issue of bonds, to the amount of
     ten millions of dollars, for the purpose of acquiring toll
     bridges, and may, by law, provide that, upon the acquisition of
     any such bridge, tolls may be charged for the use thereof,
     sufficient to pay the interest and sinking fund charges on such
     bonds and the cost of the maintenance of such bridges, until the
     bonds issued have been retired and such bridges are freed of
     tolls," the Governor, the Auditor General and the State
     Treasurer, in accordance with the provisions thereof, and on the
     credit of the Commonwealth of Pennsylvania, are hereby
     authorized and directed, from time to time, to borrow such sum
     or sums of money not exceeding in the aggregate the sum of ten
     million dollars ($10,000,000), as may be deemed necessary for
     the purpose of acquiring toll bridges wholly within the
     Commonwealth.
        Section 2.  Bonds; Issue; Maturity; Interest; Et Cetera.--
        (a)  As evidence of the indebtedness herein authorized, bonds
     of the Commonwealth of Pennsylvania shall be issued from time to
     time for such total amounts, in such form, in such
     denominations, and subject to such terms and conditions of
     issue, redemption and maturity, rate of interest, not to exceed
     four per centum per annum, and time of payment of interest, as
     the Governor, Auditor General and State Treasurer shall direct.
        (b)  All bonds issued under the authority of this act shall
     bear the facsimile signatures of the Governor, Auditor General,
     the State Treasurer, and a facsimile of the great seal of the
     Commonwealth of Pennsylvania, and shall be countersigned by two
     duly authorized officers of the duly authorized loan and
     transfer agent of the Commonwealth.
        (c)  The principal and interest of such bonds shall be
     payable in lawful money of the United States. All bonds issued
     under the provisions of this act shall be exempt from taxation
     for State and local purposes.
        (d)  Such bonds may be issued with or without interest
     coupons attached. In case interest coupons are attached, they
     shall contain facsimile signatures of the State Treasurer and
     the Auditor General.
        (e)  The Governor, the Auditor General and the State
     Treasurer shall proceed to have the necessary bonds prepared and
     printed. The bonds, as soon as they are prepared and printed,
     shall be forthwith deposited with the duly authorized loan and
     transfer agent of the Commonwealth, there to remain until sold
     in accordance with the provisions of this act.
        Section 3.  Sale of Bonds.--Whenever bonds are so issued,
     they shall be offered for sale at not less than par and accrued
     interest and shall be sold by the Governor, the Auditor General
     and State Treasurer to the highest and best bidder or bidders,
     after due public advertisement, on such terms and conditions and
     upon such open competitive bidding as the Governor, Auditor
     General and State Treasurer shall direct. The manner and
     character of such advertisement and the times of advertising
     shall be prescribed by the Governor, the Auditor General and the
     State Treasurer.
        Any portion of any bond issue so offered and not sold or
     subscribed for may be disposed of by private sale by the
     Governor, the Auditor General and the State Treasurer, in such
     manner and at such prices not less than par and accrued
     interest, as the Governor shall direct. No commission shall be
     allowed or paid for the sale of any bonds issued under the
     authority of this act.
        Section 4.  Disposition and Use of Proceeds.--The proceeds
     realized from the sale of bonds under the provisions of this act
     shall be paid into the State Treasury and deposited in a special
     fund to be known as the Toll Bridge Fund, which is hereby
     created, and shall be used for the payment of the cost of
     acquiring toll bridges and any necessary expenses connected
     therewith.
        Section 5.  Registration of Bonds.--The Auditor General shall
     prepare the necessary registry books to be kept in the office of
     the duly authorized loan and transfer agent of the Commonwealth
     for the registration of any bonds at the request of owners
     thereof. All bonds which are issued without interest coupons
     attached shall be registered in the registry books kept by the
     duly authorized loan and transfer agent of the Commonwealth.
        Section 6.  Information to General Assembly.--It shall be the
     duty of the Governor, during the biennial sessions of the
     General Assembly, to give to the General Assembly full
     information relating to the issuance of bonds under the
     provisions of this act to enable the General Assembly to
     provide, by appropriation, any moneys necessary for the sinking
     fund of the Commonwealth for the payment of the interest on said
     bonds and the principal thereof at maturity.
        Section 7.  Sinking Fund; Investments; Redemption of Bonds.--
     All bonds issued under the authority of this act shall be
     redeemed at maturity, and all interest due from time to time on
     such bonds shall be paid, from the toll bridge sinking fund. For
     the specific purpose of redeeming said bonds at maturity and
     paying all interest thereon, the General Assembly shall
     appropriate, biennially, the moneys necessary to pay the
     interest on said bonds and the principal thereof at maturity.
     All moneys so appropriated shall be paid into the toll bridge
     sinking fund by the State Treasurer. All of such moneys not
     necessary to pay accruing interest shall be invested by the
     Board of Finance and Revenue in such securities as are provided
     by law for the investment of the sinking funds of the
     Commonwealth.
        The investments and such moneys and the accumulations thereon
     in the sinking fund shall be devoted to, and be used exclusively
     for, the payment of the interest accruing on such bonds and
     their redemption at maturity. The Board of Finance and Revenue
     is authorized at any time to use any of such funds for the
     purchase and retirement of all or any part of the bonds issued
     under the authority of this act. In the event that all or any
     part of said bonds shall be purchased by the Board of Finance
     and Revenue, they shall be canceled and returned to the State
     Treasurer as canceled and paid bonds and thereafter all payments
     of interest thereon shall cease, and the canceled bonds and
     coupons shall be destroyed, within two years after cancellation,
     in the presence of the Governor, the Auditor General and the
     State Treasurer. A certificate evidencing the destruction,
     satisfactory to the duly authorized loan and transfer agent of
     the Commonwealth, shall be furnished to it. All canceled bonds
     and coupons shall be so marked as to make the canceled bonds and
     coupons non-negotiable.
        Section 7.1.  Whenever the State Treasurer shall have paid to
     the loan and transfer agent sufficient moneys from the Toll
     Bridge Sinking Fund to redeem all the bonds issued pursuant to
     this act, and the interest thereon, and upon certification of
     this fact by the State Treasurer to the Governor, the balance,
     if any, in the Toll Bridge Fund shall be transferred to the
     General Fund.
        (7.1 added Feb. 9, 1961, P.L.4, No.3)
        Section 8.  Present Biennium Requirements.--The Board of
     Finance and Revenue shall determine the amount of money
     necessary for the payment of interest on the bonds and the
     principal thereof, if any, for the two fiscal years beginning
     June first, one thousand nine hundred forty-nine, and the times
     and amounts of such payments, and the amount so determined shall
     be transferred from the Toll Bridge Fund to the toll bridge
     sinking fund, and for such purpose, as much of the money in the
     Toll Bridge Fund as may be necessary is hereby appropriated.
        Section 9.  Quorum.--Whenever in this act any action is to be
     taken or decision made by the Governor, the Auditor General and
     the State Treasurer, and the three officers shall not be able
     unanimously to agree, the action or decision of the Governor and
     either the Auditor General or State Treasurer shall be binding
     and final, except that it shall be the mandatory duty of the
     Governor, the Auditor General and the State Treasurer to issue
     bonds to provide funds for the acquisition of toll bridges when
     the Secretary of Highways, with the approval of the Governor,
     shall decide to do so.
        Section 10.  Appropriation.--The sum of twenty-five thousand
     dollars ($25,000), or so much thereof as may be necessary, is
     hereby specifically appropriated from the General Fund for the
     purpose of providing such bonds, for the payment of the cost of
     advertising the same, and for all other costs and expenses in
     connection with the issue, sale and registration of said bonds.
     Payments from said appropriation shall be made by requisition of
     the Auditor General, after approval of vouchers by the Governor,
     Auditor General and State Treasurer, and repayment of the sum or
     sums hereby appropriated shall be made to the General Fund from
     the Toll Bridge Fund.
        Section 11.  Repeal.--The act, approved the second day of
     January, one thousand nine hundred thirty-four (1933-34 Pamphlet
     Laws 201), entitled "An act authorizing the issue and sale of
     bonds by the Commonwealth of Pennsylvania to defray the cost of
     the acquisition of toll bridges; defining the powers and duties
     of the Governor, the Auditor General, the State Treasurer, and
     the Board of Finance and Revenue, in relation thereto; providing
     for the payment of interest on, and the redemption of, such
     bonds; and making an appropriation," is hereby repealed.
        All other acts and parts of acts inconsistent herewith are
     hereby repealed.
        Section 12.  Effective Date.--This act shall become effective
     immediately upon final enactment.