Pennsylvania Statutes Title 32 P.S. Forests, Waters and State Parks § 5105. Temporary financing authorization

(a) Pending the issuance of bonds of the Commonwealth as hereinafter authorized, the Governor, Auditor General and State Treasurer (hereinafter called the “issuing officials”) are hereby authorized in accordance with the provisions hereof and on the credit of the Commonwealth to make temporary borrowings of such moneys as may from time to time be necessary to carry out the purposes of the aforesaid amendment and of this act. In order to provide for and in connection with such temporary borrowings the issuing officials are hereby authorized in the name and on behalf of the Commonwealth to enter into any loan or credit agreement or agreements or other agreements with any banks or trust companies or other lending institutions or persons in the United States having power to enter into the same, which agreements may contain such provisions, not inconsistent with the provisions of this act, as may be customary in such instruments and as may be authorized by the issuing officials.

(b) All temporary borrowings made under the authority of this section shall be evidenced by notes of the Commonwealth, which shall be issued from time to time for such amounts not exceeding in the aggregate the sum of five hundred million dollars ($500,000,000), in such form and in such denominations, and subject to such terms and conditions of issue, prepayment or redemption and maturity, not later than December 31, 1977, rate or rates of interest, not exceeding six percent per annum, and time of payment of interest, as the issuing officials shall direct. All notes issued under the authority of this section shall bear the facsimile signatures of the issuing officials and a facsimile of the Great Seal of the Commonwealth of Pennsylvania, and shall be countersigned by two duly authorized officers of a duly authorized loan and transfer agent of the Commonwealth.

(c) All such notes shall be funded and retired not later than December 31, 1977, by the issuance and sale of bonds of the Commonwealth as hereinafter authorized, to the extent that payment of such notes has not otherwise been made or provided for.

(d) The proceeds of all such temporary borrowings shall be paid to the State Treasurer to be held and disposed of in accordance with the provisions of section 9 of this act.  1