Pennsylvania Statutes Title 72 P.S. Taxation and Fiscal Affairs § 3952. Bonds;  issue;  maturity;  interest, etc.

(a) As evidence of the indebtedness herein authorized, bonds of the Commonwealth of Pennsylvania 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, not to exceed thirty years, rate of interest not to exceed six per centum per annum, and time of payment of interest, as the Governor shall direct.

(b) All bonds issued under the authority of this act shall be signed by the Governor, under the great seal of the Commonwealth of Pennsylvania, and shall be countersigned by the State Treasurer and Auditor General.

(c) The principal and interest of such bonds shall be payable in lawful money of the United States.  All bonds issued under the provisions of this act shall be exempt from taxation for State and local purposes.

(d) Such bonds may be issued with or without interest coupons attached.  In case interest coupons are attached, they shall contain lithographed facsimile signatures of the State Treasurer and the Auditor General.

(e) When directed so to do by 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 forthwith deposited with the State Treasurer, there to remain until sold in accordance with the provisions of this act.