Pennsylvania Act 1951-282 — PENNSYLVANIA TURNPIKE SYSTEM FINANCING ACT

Act text

PENNSYLVANIA TURNPIKE SYSTEM FINANCING ACT
                 Act of Aug. 14, 1951, P.L. 1232, No. 282             Cl. 36
                                  AN ACT

     Authorizing and empowering the Pennsylvania Turnpike Commission
        to combine the turnpike and its extensions now constructed
        and to be constructed or parts thereof, for financing
        purposes under the provisions of this act; authorizing the
        issuance of turnpike revenue bonds of the Commonwealth, notes
        or other obligations, to pay the cost of such combined
        turnpike and its extensions; authorizing the commission to
        refund any bonds, notes or other obligations theretofore
        issued by the commission under the provisions of any act,
        including the payment of any redemption premium thereon,
        notwithstanding any limitations or restrictions as to time of
        refunding or rate of interest contained in any act heretofore
        approved, whether or not any of the projects in respect of
        which such securities being refunded were issued are
        combined; authorizing the commission to fix tolls from time
        to time for the use of the projects so combined; authorizing
        the commission to construct and finance as a whole or in
        sections; providing for preliminary or interim financing
        through the issuance of notes or other obligations,
        constituting the same legal investments in certain instances,
        and exempting the same from taxation; providing for bonds to
        be given by each appointed member of the commission and the
        secretary and treasurer thereof, conditioned upon the
        faithful performance of the duties of his office in the
        administration of the Pennsylvania Turnpike System; and
        providing for salaries for the appointed members of the
        commission in lieu of the salaries heretofore authorized by
        law.

        Compiler's Note:  Section 1 of Act 165 of 1970 provided that
            the limits heretofore imposed by Act 282 upon the rates
            of interest and interest costs permitted to be paid upon
            bonds, obligations and indebtedness issued by the
            Commonwealth or its agencies or instrumentalities or
            authorities, and by local political subdivisions or their
            agencies or authorities, are hereby removed for such
            bonds, obligations or indebtedness.

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

        Section 1.  As used in this act, the following words and
     terms shall have the following meanings, unless the context
     shall indicate another or different meaning or intent:
        (a)  The word "commission" shall mean the Pennsylvania
     Turnpike Commission created by the act, approved the twenty-
     first day of May, one thousand nine hundred thirty-seven
     (Pamphlet Laws 774), and its amendments.
        (b)  The word "Turnpike" shall mean the turnpike heretofore
     constructed under the provisions of the said act, approved the
     twenty-first day of May, one thousand nine hundred thirty-seven
     (Pamphlet Laws 774), and its amendments.
        (c)  The term "Eastern Extension" shall mean the turnpike
     authorized to be constructed and financed under the provisions
     of the act, approved the sixteenth day of May, one thousand nine
     hundred forty (1941--Pamphlet Laws 949), known as the
     "Pennsylvania Turnpike Philadelphia Extension Act," and its
     amendments.
        (d)  The term "Western Extension" shall mean the turnpike
     authorized to be constructed and financed under the provisions
     of the act, approved the eleventh day of June, one thousand nine
     hundred forty-one (Pamphlet Laws 101), known as the "Western
     Pennsylvania Turnpike Extension Act," and its amendments.
        (e)  The term "Erie Extension" shall mean the turnpike
     authorized to be constructed and financed under the provisions
     of the act, approved the ninth day of May, one thousand nine
     hundred forty-nine (Pamphlet Laws 1037), known as the
     "Pennsylvania Turnpike Erie Extension Act," and its amendments.
        (f)  The term "Scranton Extension" shall mean the turnpike
     authorized to be constructed and financed under the provisions
     of the act, approved the ninth day of May, one thousand nine
     hundred forty-nine (Pamphlet Laws 1050), known as the
     "Pennsylvania Turnpike Scranton Extension Act," and its
     amendments.
        (g)  The term "Delaware River Extension" shall mean the
     turnpike and bridge authorized to be constructed and financed
     under the provisions of the act, approved the twenty-third day
     of May, one thousand nine hundred fifty-one (Act No. 74), known
     as the "Pennsylvania Turnpike Delaware River Extension Act," and
     its amendments.
        (h)  The word "project" shall mean the Turnpike, the Eastern
     Extension, the Western Extension, the Erie Extension, the
     Scranton Extension, the Delaware River Extension, or any
     extension or bridge heretofore or hereafter authorized to be
     constructed or acquired in whole or in part by the commission.
        (i)  The term "Pennsylvania Turnpike System" shall mean, to
     the extent designated by the commission, the Turnpike, the
     Eastern Extension and the Western Extension, as heretofore
     combined for financing purposes under the provisions of the act,
     approved the twenty-first day of June, one thousand nine hundred
     forty-seven (Pamphlet Laws 877), the Erie Extension, the
     Scranton Extension, the Delaware River Extension, and any
     additional projects.
        (j)  The word "cost" shall have the same meaning as the term
     "cost of the turnpike" as defined in each of the acts
     hereinabove mentioned or their amendments as applied to the
     project authorized in such act, or the cost of any project
     heretofore or hereafter authorized as defined in the act
     authorizing such project as applied to such project.
        Section 2.  Notwithstanding any of the provisions of any act
     authorizing any project and in addition to all other powers
     granted to it by law, the commission is hereby authorized and
     empowered (1) to combine for financing purposes any projects
     heretofore or hereafter authorized, subject to any limitations
     or restrictions contained in any trust indenture or other
     agreement securing revenue bonds or revenue refunding bonds or
     other obligations issued on account of any such project or
     projects and then outstanding, (2) to provide for the issuance
     at one time or from time to time of revenue bonds, notes or
     other obligations of the Commonwealth, payable solely from
     revenues or other funds of the Pennsylvania Turnpike Commission,
     for any one or more of the following purposes: (a) paying the
     cost of all or any part of any project or projects so combined,
     and (b) refunding any revenue bonds, refunding bonds, notes or
     other obligations theretofore issued by the commission,
     including the payment of any redemption premium thereon,
     notwithstanding any limitations or restrictions as to time of
     refunding or rate of interest contained in any of the acts
     authorizing their issuance or in any amendments thereto, whether
     or not any of the projects in respect of which the bonds, notes
     or other obligations being refunded were issued are combined
     hereunder, (3) to fix and revise from time to time and charge
     and collect tolls for the use of any project or projects so
     combined, and to continue such tolls on all such projects until
     all bonds, notes or other obligations issued on account of each
     such project shall have been paid or provision made for their
     payment, and (4) to construct and finance any project, whether
     or not combined as a whole at one time or in sections from time
     to time, as the commission shall determine.
        The issuance of revenue bonds, notes or other obligations
     under the provisions of this act, the maturities and other
     details thereof, the securing of such bonds, notes or other
     obligations by a trust indenture, the maintenance and operation
     of the projects so combined, the fixing and revising of tolls
     for the use of such projects, the exemption of such projects and
     such bonds, notes or other obligations from taxation, the rights
     of the holders of such bonds, notes or other obligations, and
     the rights, powers, duties and obligations of the Commonwealth
     and of the commission in respect of the same, shall be governed,
     except as modified herein by the provisions of the acts or their
     amendments providing for the construction, operation and
     maintenance of any projects combined for financing purposes, by
     the provisions of this act, in so far as the same may be
     applicable.
        Section 3.  The commission is hereby authorized to borrow
     money from time to time, to provide for preliminary or interim
     financing but not exceeding the estimated total cost of any
     project, and to evidence such borrowing by the issuance of notes
     or other obligations of the Commonwealth, payable solely from
     revenues of the commission, including tolls, or from such funds
     as may be available to the commission for such purpose and, in
     its discretion, to pledge revenue bonds as collateral for such
     notes or other obligations, and to renew any such notes or other
     obligations from time to time; and the payment or retirement of
     such notes or other obligations shall be considered to be
     payment of the cost of such project.
        All State and municipal officers and administrative
     departments, boards and commissions of the Commonwealth, all
     banks, bankers, savings banks, trust companies, saving and loan
     associations, investment companies, and other persons carrying
     on a banking business, all insurance companies, insurance
     associations, and other persons carrying on an insurance
     business, may properly and legally invest any funds, including
     capital belonging to them or within their control, in such notes
     or other obligations, or loan any such funds and accept as
     evidence of the same such notes or other obligations.
        All such notes or other obligations, their transfer, and the
     income therefrom including any profits made on the sale thereof,
     shall at all times be free from taxation within the
     Commonwealth.
        All such notes or other obligations shall have and are hereby
     declared to have all the qualities and incidents of negotiable
     instruments under the Negotiable Instruments Law of the
     Commonwealth.
        Section 4.  All revenue bonds, notes or other obligations
     hereafter issued by the commission shall bear the facsimile
     signatures of the Governor and the chairman of the commission,
     and the facsimile of the official seal of the commission shall
     be affixed thereto and attested by the secretary and treasurer
     of the commission, and any coupons attached thereto shall bear
     the facsimile signature of the chairman of the commission. In
     case any officer whose signature or a facsimile thereof shall
     appear on any bonds, notes or other obligations or coupons shall
     cease to be such officer before the delivery of such bonds,
     notes or other obligations, such signature or the facsimile
     thereof shall nevertheless be valid and sufficient for all
     purposes, the same as if he had remained in office until such
     delivery.
        Section 5.  Each appointed member of the commission shall
     execute a bond in the penalty of fifty thousand dollars
     ($50,000) and the secretary and treasurer shall execute a bond
     in the penalty of one hundred thousand dollars ($100,000), each
     such bond to be approved by the Governor and to be conditioned
     upon the faithful performance of the duties of his office in the
     administration of the Pennsylvania Turnpike System, which bonds
     shall be filed in the office of the Secretary of the
     Commonwealth; and thereupon, the bonds previously given by the
     members of the commission and the secretary and treasurer of the
     commission under any other act previously requiring such bonds
     shall be cancelled; and notwithstanding any of the provisions of
     any of such acts, no bonds, in addition to those provided
     hereunder, shall be required.
        Section 6.  By reason of the increased duties and
     responsibilities imposed upon the commission and in lieu of the
     salaries heretofore authorized by law, the chairman of the
     commission shall receive an annual salary of fifteen thousand
     dollars ($15,000) and the other appointed members of the
     commission shall each receive an annual salary of thirteen
     thousand dollars ($13,000), payable in semi-monthly
     installments, solely from funds derived from the Pennsylvania
     Turnpike System; and each member of the commission shall be
     reimbursed for the necessary expenses incurred in the
     performance of his duties.
        Section 7.  This act shall be construed as granting
     supplemental and additional powers to the commission and shall
     not be construed as being in derogation of any other powers of
     the commission granted by any other act; and in the event that
     any provision of this act shall be in conflict with the
     provisions of any other act, the provisions of this act shall
     govern.
        Section 8.  The provisions of this act shall become effective
     immediately upon final enactment.