Pennsylvania Statutes Title 53 P.S. Municipal and Quasi-Municipal Corporations § 12720.317. Initial issue of authority bonds

(a) Availability of proceeds.--The first series of bonds to be issued by the authority to finance a deficit, other than a cash flow deficit and other than the interim financing arrangement authorized in section 203,  1 shall be issued in such manner and time so that the net proceeds of such bonds shall be available on or before June 30, 1991, or as soon as practicable thereafter, in an amount not less than the amount reasonably estimated by the city requesting the issuance of such bonds, to be its deficit for the fiscal year ending June 30, 1991.

(b) Amendment to city budget.--As of the effective date of this act, such city shall be authorized to amend its budgets for the fiscal years ending June 30, 1991, and June 30, 1992, to adjust appropriations in anticipation of receipt of the proceeds of the first series of bonds to be issued in accordance with subsection (a) and the proceeds of any tax levied pursuant to Chapter 5. The amendments, if any, shall be considered revisions to the city's financial plan and shall be subject to the authority's approval under section 209.