Pennsylvania Statutes Title 72 P.S. Taxation and Fiscal Affairs § 3920.30. Capital Budget Act; furniture and equipment, department of property and supplies

1. Debt Authorization.--Pursuant to the provisions of clause (4) of subsection (a) of section 7 of Article VIII of the Constitution of Pennsylvania, and the act of July 20, 1968 (P.L. 550, No. 217), known as the “Capital Facilities Debt Enabling Act,”  1 the Governor, Auditor General and State Treasurer are hereby authorized and directed to borrow, from time to time, in addition to any authorization heretofore or hereafter enacted, on the credit of the Commonwealth, subject to the limitations provided in the current capital budget, money not exceeding in the aggregate the sum of three million one hundred ninety-two thousand seven hundred ($3,192,700), as may be found necessary to carry out additional capital projects in the category of public improvements, consisting of the acquisition of original furniture and equipment to complete public improvement projects specifically itemized in a capital budget.

2. Issue of Bonds.--The indebtedness herein authorized shall be incurred from time to time and shall be evidenced by one or more series of general obligation bonds of the Commonwealth in such aggregate principal amount for each series as the Governor, Auditor General and State Treasurer shall determine, but the latest stated maturity date shall not exceed ten years from the date of the bond first issued for each series.

3. Estimated Useful Life of Projects.--The General Assembly states the estimated useful life of all public improvement projects consisting of the acquisition of original furniture and equipment, heretofore itemized in the capital budget for the fiscal year 1973-1974, is not less than ten years from the date of acquisition.