Pennsylvania Act 2014-128 — CAPITAL BUDGET AND PROJECT ITEMIZATION ACT OF 2014-2015

Act text

An Act

Providing for the capital budget for the fiscal year 2014-2015; itemizing redevelopment assistance capital projects to be constructed or acquired or assisted by the Department of Community and Economic Development, together with their estimated financial costs; authorizing the incurring of debt without the approval of the electors for the purpose of financing the projects to be constructed, acquired or assisted by the Department of Community and Economic Development; and making appropriations.

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

Section 1. Short title.

This act shall be known and may be cited as the Capital Budget and Project Itemization Act of 2014-2015.

Section 2. Overall limitations on debt to be incurred for capital projects.

The maximum principal amount of additional debt to be incurred during the 2014-2015 fiscal year, and thereafter until the enactment of the 2015-2016 capital budget specifying the maximum debt for the 2015-2016 fiscal year, for capital projects specifically itemized in a capital budget pursuant to section 7(a)(4) of Article VIII of the Constitution of Pennsylvania, and the fund to be charged with the repayment of such debt, shall, with respect to each category of capital projects, be as follows:

Section 3. Total authorizations.

The total authorization for the additional capital projects in the category of redevelopment assistance capital projects itemized in section 4 for capital grants by the Department of Community and Economic Development, its successors or assigns, and to be financed by the incurring of debt, shall be $20,000,000.

Section 4. Itemization of redevelopment assistance projects.

Additional capital projects in the category of redevelopment assistance projects for capital grants by the Department of Community and Economic Development, its successors or assigns, authorized under the provisions of the act of May 20, 1949 (P.L.1633, No.493), known as the Housing and Redevelopment Assistance Law, and redevelopment assistance capital projects and to be financed by the incurring of debt, are hereby itemized, together with their respective estimated financial costs, as follows:

Section 5. Debt authorization.

Subject to the limitation in section 317(b) of the act of February 9, 1999 (P.L.1, No.1), known as the Capital Facilities Debt Enabling Act, the Governor, Auditor General and State Treasurer are hereby authorized and directed to borrow from time to time in addition to any authorization heretofore or hereafter enacted, on the credit of the Commonwealth, subject to the limitations provided in the current capital budget, money not exceeding in the aggregate the sum of $20,000,000 as may be found necessary to carry out the redevelopment assistance capital projects specifically itemized in a capital budget.

Section 6. Issue of bonds.

The indebtedness authorized in this act shall be incurred from time to time and shall be evidenced by one or more series of general obligation bonds of the Commonwealth in such aggregate principal amount for each series as the Governor, the Auditor General and the State Treasurer shall determine, but the maximum term of the debt authorized to be incurred under this act is 30 years.

Section 7. Appropriations.

The net proceeds of the sale of the obligations authorized in this act are hereby appropriated from the Capital Facilities Fund to the Department of Community and Economic Development in the maximum amount of $20,000,000 to be used by it exclusively to defray the financial cost of redevelopment assistance capital projects specifically itemized in a capital budget. After reserving or paying the expenses of the sale of the obligation, the State Treasurer shall pay to the Department of Community and Economic Development the moneys as required and certified by it to be legally due and payable.

Section 8. Federal funds.

In addition to those funds appropriated in section 7, all moneys received from the Federal Government for the projects specifically itemized in this act are also hereby appropriated for those projects.

Section 9. Editorial changes.

In editing and preparing this act for printing following the final enactment, the Legislative Reference Bureau shall insert or revise letters or numbers for projects where the letters or numbers are missing or require revision. The bureau shall also revise the total monetary amounts for the total authorization, debt authorization, appropriations and departmental totals as necessary to agree with the total monetary amounts of the projects.

Section 10. Effective date.

This act shall take effect immediately.