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Pennsylvania Statutes Title 12 Pa.C.S.A. Commerce and Trade § 4309. Bonds

Current as of January 01, 2025 | Updated by Findlaw Staff

(a) Issuance.--Local financing or owner financing may be used to issue bonds to finance qualified projects.

(b) Restrictions.--Bonds issued under this chapter may not be general obligations of the municipality or county.

(c) Use of proceeds.--Funds generated from the issuance of a bond may only be used for the following purposes:

(1) Design, engineering and project development costs of a qualified project.

(2) Infrastructure related to and necessary for a qualified project.

(3) Purchase and installation cost of any equipment needed for a qualified project.

(4) Payment of normal and customary issuance and closing fees of a bond.

(5) Normal and customary administrative fees necessary to continue operations of the municipal or county financing agency. The fees can include, but are not limited to, audits and application fees.

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Cite this article: FindLaw.com - Pennsylvania Statutes Title 12 Pa.C.S.A. Commerce and Trade § 4309. Bonds - last updated January 01, 2025 | https://codes.findlaw.com/pa/title-12-pacsa-commerce-and-trade/pa-csa-sect-12-4309/

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