Pennsylvania Statutes Title 53 P.S. Municipal and Quasi-Municipal Corporations § 5404. Municipalities may borrow from Reconstruction Finance Corporation

Any county, city, borough, town or township is hereby empowered to borrow money from the Reconstruction Finance Corporation   1 for the purpose of financing any project which is self-liquidating in character or needful and economically sound or needful and in the public interests, and to issue or sell, with or without soliciting or obtaining bids therefor, to the Federal Reconstruction Finance Corporation its bonds or other obligations.  Such loans shall be made on such terms and conditions and at such interest or discount or rediscount rates as the Reconstruction Finance Corporation may prescribe and approve:  Provided, That no such bonds or other obligations shall be issued or sold for less than par.