Welcome to FindLaw's Cases & Codes, a free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.
The Governor, Auditor General, and State Treasurer, acting on behalf of the Commonwealth of Pennsylvania, and the mayor, city controller, and city treasurer, acting on behalf of the City of Philadelphia, are hereby authorized, from time to time, to sell such bonds or other obligations, after advertisement or without advertisement, at not less than par and accrued interest. Such bonds may also be used by the City of Philadelphia for sinking fund purposes. The respective boards of the Commonwealth charged by law with the investment of the moneys held in and received by custodial funds are hereby authorized to purchase any of said bonds from the Commonwealth or the City of Philadelphia. Such boards are also authorized to sell or transfer bonds or other securities, now in the possession of the State Treasurer and held for the benefit of such funds, in order that additional moneys may be made available for the purchase of such bonds or other obligations issued by said commission and acquired as aforesaid. The bonds or obligations delivered to the State of New Jersey shall be sold or used for such purposes as may be provided by the reciprocal legislation of said state.
Cite this article: FindLaw.com - Pennsylvania Statutes Title 36 P.S. Highways and Bridges § 3508. Sale of bonds; use for sinking fund purposes - last updated January 01, 2019 | https://codes.findlaw.com/pa/title-36-ps-highways-and-bridges/pa-st-sect-36-3508.html
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
Was this helpful?