Pennsylvania Statutes Title 72 P.S. Taxation and Fiscal Affairs § 1703-E.2. Limitations on bond issuance

The authority may issue bonds for a PlanCon project in an aggregate principal amount not to exceed $2,500,000,000, unless the authority and the department determine this amount is insufficient to carry out the purposes of this article, then the authority shall adopt a resolution to petition the Secretary of the Budget to increase the maximum aggregate principal amount.  The Secretary of the Budget may approve the petition and, if approved, shall publish notice of the approval in the Pennsylvania Bulletin.  The authority shall not issue any bonds for the PlanCon project, except refunding bonds, after June 30, 2025.  The authority, in consultation with the department and the Office of the Budget, shall determine the principal amounts of taxable and tax-exempt bonds to be issued during a fiscal year.  Notwithstanding any other limitation, the authority, at the request of the department, may issue refunding bonds at any time while bonds issued for the PlanCon project are outstanding, provided that the final maturity of any series of bonds being refunded shall not be extended.  Interest on bonds issued for the PlanCon project and refunding bonds authorized under this section shall be payable at such time or times as the authority shall determine in the resolution authorizing such bonds and shall otherwise be subject to the other provisions of the Financing Law.  The aggregate principal amount of bonds set forth in this section shall not be subject to the debt limitations set forth in 64 Pa.C.S. § 1543 (relating to indebtedness).