Pennsylvania Act 1947-455 — PROVIDING BONDS FOR PUBLIC BUILDING

Act text

PROVIDING BONDS FOR PUBLIC BUILDING
                 Act of Jun. 28, 1947, P.L. 1062, No. 455             Cl. 72
                                  AN ACT

     Providing for the issuance and sale of bonds by the Commonwealth
        of Pennsylvania for the construction of public buildings; for
        anti-stream pollution projects and for flood control
        projects; creating a special fund in the State Treasury to be
        known as the Public Buildings Construction Fund; 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 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
     forty-five of an amendment to article nine of the Constitution
     of Pennsylvania which reads as follows:
        "Section 21.  In addition to the purposes stated in article
     nine, section four of this Constitution, the Commonwealth may be
     authorized by law to create debt and to issue bonds to the
     amount of fifty million dollars ($50,000,000) for the
     construction of public buildings, highways, drainage and
     sanitary systems, anti-stream pollution and flood control
     projects for purposes of reforestation, and for the
     rehabilitation and hospitalization of war veterans," 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 fifty million
     dollars ($50,000,000) as may be deemed necessary to carry out
     the purposes of said amendment and statutes passed in conformity
     therewith.
        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 six per
     centum (6%) 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 time 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 Public Buildings Construction Fund,
     which is hereby created, and shall be used for the payment of
     the cost of the construction of public buildings, for anti-
     stream pollution projects and for flood control projects, as
     provided for in the constitutional amendment, hereinbefore
     cited, and in legislation passed in conformity 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.  Public Buildings; Construction; 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 Public Buildings Construction 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 Public Buildings
     Construction 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 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-seven, and the times
     and amounts of such payments, and the amount so determined shall
     be transferred from the Public Buildings Construction Fund to
     the Public Buildings Construction Sinking Fund, and for such
     purpose, as much of the money in the Public Buildings
     Construction Fund, as may be necessary, is hereby appropriated.
     Should the moneys in the Public Buildings Construction Fund, for
     any reason, not be available for the payment of interest on the
     bonds or the principal thereof, if any, the funds necessary for
     such purpose are hereby appropriated from the General Fund, and
     whenever any moneys are transferred from the Public Buildings
     Construction Fund for the payment of said interest on and
     principal of said bonds and such moneys are needed for the
     payment of the construction of public buildings, for anti-stream
     pollution projects and for flood control projects, as provided
     by law, there is hereby appropriated from the General Fund, a
     sum sufficient to restore to the Public Buildings Construction
     Fund the moneys so transferred.
        Section 9.  Quorum.--Whenever, in this act, a new 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 construction of public
     buildings, when the Secretary of Property and Supplies, 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 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.
        Section 10.1.  Transfer of Funds.--The balance of all funds
     remaining in the Public Building Construction Fund are hereby
     transferred into the Public Building Construction Sinking Fund
     and the Public Building Construction Fund is hereby abolished.
     After payment from the Public Building Construction Sinking Fund
     of all bonds, interest and any other claims against the Public
     Building Construction Sinking Fund, any moneys remaining in said
     fund shall be transferred, with the approval of the Governor, to
     the General Fund and the Public Building Construction Sinking
     Fund shall be abolished.
        (10.1 added June 24, 1976, P.L.421, No.99)
        Section 11.  Effective Date.--This act shall become effective
     immediately upon final enactment.