Pennsylvania Statutes Title 61 P.S. Penal and Correctional Institutions § 390.704. Bonds, issue, maturity, interest, etc.

(a) Issuance.--As evidence of the indebtedness herein authorized, general obligation bonds of the Commonwealth shall be issued from time to time for such total amounts, in such forms, in such denominations and subject to such terms and conditions of issue, redemption and maturity, rate or rates of interest and time of payment of interest as the Governor, Auditor General and State Treasurer shall direct, except that the latest stated maturity date shall not exceed 30 years from the date of the bond first issued for each such series.

(b) Signatures and seal.--All bonds issued under the authority of this chapter shall bear facsimile signatures of the Governor, the Auditor General and the State Treasurer, and a facsimile of the Great Seal of the Commonwealth, and shall be countersigned by two duly authorized officers of the duly authorized loan and transfer agents of the Commonwealth.

(c) Full faith and credit.--All bonds issued in accordance with the provisions of this chapter shall be direct obligations of the Commonwealth, and the full faith and credit of the Commonwealth are hereby pledged for the payment of the interest thereon as the same shall become due and for the payment of the principal thereof at maturity. All bonds issued under the provisions of this chapter shall be exempt from taxation for State and local purposes. The principal of and interest on such bonds shall be payable in lawful money of the United States of America.

(d) Form.--Bonds issued under this chapter may be issued as coupon bonds or registered as to both principal and interest as the issuing officials may determine. If interest coupons are attached, they shall contain the facsimile signature of the State Treasurer.

(e) Amount.--The issuing officials shall provide for the amortization of the bonds issued under this chapter in substantial and regular amounts over the term of the debt.

(f) Preparation.--The Governor, the Auditor General and the State Treasurer shall proceed to have the necessary bonds prepared and printed. The bonds, as soon as they are prepared and printed, shall be deposited with the duly authorized loan and transfer agent of the Commonwealth, there to remain until sold in accordance with the provisions of this chapter.