Pennsylvania Act 2008-48 — CAPITAL FACILITIES DEBT ENABLING ACT - APPROPRIATION FOR AND LIMITATION ON REDEVELOPMENT ASSISTANCE CAPITAL PROJECTS

Act text

CAPITAL FACILITIES DEBT ENABLING ACT - APPROPRIATION FOR AND LIMITATION
               ON REDEVELOPMENT ASSISTANCE CAPITAL PROJECTS
                  Act of Jul. 4, 2008, P.L. 618, No. 48               Cl. 72
                             Session of 2008
                               No. 2008-48

     HB 2231

                                  AN ACT

     Amending the act of February 9, 1999 (P.L.1, No.1), entitled "An
        act providing for borrowing for capital facilities;
        conferring powers and duties on various administrative
        agencies and officers; making appropriations; and making
        repeals," further providing for appropriation for and
        limitation on redevelopment assistance capital projects.

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

        Section 1.  Section 317 of the act of February 9, 1999
     (P.L.1, No.1), known as the Capital Facilities Debt Enabling
     Act, amended or added July 4, 2004 (P.L.516, No.67) and December
     22, 2005 (P.L.454, No.87), is amended to read:
      Section 317.  Appropriation for and limitation on redevelopment
                    assistance capital projects.
        (a)  Appropriation.--The amount necessary to pay principal of
     and interest on all obligations issued to provide funds for
     redevelopment assistance capital projects shall be appropriated
     from the General Fund and shall be transferred to the Capital
     Debt Fund upon authorization by the Governor.
        (b)  Limitation.--The maximum amount of redevelopment
     assistance capital projects undertaken by the Commonwealth for
     which obligations are outstanding shall not exceed, in
     aggregate, [$2,650,000,000.] $3,450,000,000, provided that, for
     projects released pursuant to the additional authorization set
     forth in this amendatory act, no more than $200,000,000 in debt
     shall be issued in any of the first four fiscal years beginning
     with the fiscal year commencing July 1, 2008.
        (c)  Housing units.--An amount not to exceed $25,000,000 of
     the amount under subsection (b) may be used for the construction
     of housing units.
        Section 2.  This act shall take effect immediately.

     APPROVED--The 4th day of July, A. D. 2008.

     EDWARD G. RENDELL