Pennsylvania Act 1961-285 — EMERGENCY STATE LOANS (1951 ACT 433, P.L. 1646) - RELATING TO

Act text

EMERGENCY STATE LOANS (1951 ACT 433, P.L. 1646) - RELATING TO
                 Act of Jul. 12, 1961, P.L. 583, No. 285              Cl. 72
                                  AN ACT

     Amending the act of September 29, 1951 (P.L.1646), entitled "An
        act authorizing the Commonwealth to negotiate temporary
        emergency loans to defray current and other expenses of the
        State government during any fiscal biennium evidenced by tax
        anticipation notes, secured by and payable from current
        revenues of any current biennium levied, assessed,
        collectible and accruing during such fiscal biennium;
        defining the powers and duties of the Governor, the Auditor
        General and the State Treasurer in relation thereto;
        providing for the payment of interest on and the repayment of
        such loans; and making an appropriation," authorizing powers
        conferred by the act to be done on a fiscal period basis and
        changing the amount of money which may be borrowed and
        providing two additional methods of borrowing money.

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

        Section 4.  Intent of Act; Additional Methods of Borrowing
     Money
        It is the intent of this act as amended to provide two
     additional methods of borrowing moneys, the first additional
     method being that of borrowing on the security of the moneys
     levied, assessed, collectible and accruing during the fiscal
     period to the Motor License Fund, and the second method being
     that of borrowing on the security of the sum of the revenues
     levied, assessed, collectible and accruing during the fiscal
     period to the General Fund and the Motor License Fund, in which
     latter event the costs and interest charges shall be
     respectively proportioned in accordance with the amounts of the
     loans made for each fund. 1961, July 12, P.L. 583, Sec. 4.