Pennsylvania Statutes Title 72 P.S. Taxation and Fiscal Affairs § 3946.6. Bonds; issue of bonds and notes; maturity; interest, etc.

(a) As evidence of indebtedness herein authorized, bonds of the Commonwealth shall be issued in accordance with the provisions hereof at any time, or from time to time, to fund and retire notes issued pursuant to section 5 of this act  1 (hereinafter referred to as “funding bonds”) or to provide moneys necessary to carry out the purposes of the aforesaid amendment, or both. Said bonds shall be designated as “Project 70 Land Acquisition Bonds.”

(b) Funding bonds shall be issued from time to time for such total amounts as may be required to fund and retire notes issued pursuant to the provisions of section 5 of this act, as the issuing officials shall direct. Notes authorized by the provisions of section 5 of this act, and bonds, other than funding bonds and refunding bonds, shall be issued, from time to time, and in such total amounts as the Department of Forests and Waters and the Pennsylvania Fish and Game Commissions shall, with the approval of the Governor, determine.

(c) When bonds are issued from time to time, the bonds of each issue shall constitute a separate series to be designated by the issuing officials. Each series of bonds shall bear such rate or rates of interest that the aggregate amount of interest payable over the life of such series, less the premium, if any, received upon the sale thereof, shall not exceed an amount equal to five per cent per annum computed over the life of such series as may be determined by the issuing officials. Such bonds shall be issued in such denominations and in such form or forms, whether coupon or registered as to both principal and interest, and with or without such provisions for interchangeability, as the issuing officials may determine. In case interest coupons are attached, they shall contain the facsimile signatures of the State Treasurer and the Auditor General.

(d) Except as specified in the foregoing provisions of this section 6,  2 the terms and conditions of issue, redemption and maturity, and time of payment of interest shall be as the issuing officials shall direct: Provided, That no bonds of any series shall mature later than thirty years from the date of issuance. The issuing officials are hereby authorized to carry out the provisions of this act relating to the issuance of bonds and shall determine all matters in connection therewith subject to the provisions hereof.

(e) All bonds issued under the authority of this act shall bear the facsimile signatures of the issuing officials and a facsimile of the Great Seal of the Commonwealth of Pennsylvania, and shall be countersigned by two duly authorized officers of a duly authorized loan and transfer agent of the Commonwealth.

(f) All bonds issued under the authority of this act, shall recite that they are issued for one of the purposes set forth in subsection (a) of section 6 of this act and that they are issued in pursuance of this act. In any action or proceeding involving the validity or enforceability of such bonds, such recital shall be conclusive as to their purpose and authorization.