Pennsylvania Statutes Title 72 P.S. Taxation and Fiscal Affairs § 9803. Limitations on bond issuance

(a) Maximum principal amount.--If the authority issues bonds under this article, the authority may issue bonds in a maximum aggregate principal amount sufficient to raise net proceeds of $1,500,000,000.

(b) Limitation.--The authority shall not issue any bonds under this article, except refunding bonds, after June 30, 2018.  The authority, in consultation with the office, shall determine the principal amounts of taxable bonds and tax-exempt bonds to be issued during fiscal year 2017-2018.

(c) Refunding bonds.--Notwithstanding any other limitation, the authority, at the request of the secretary, may issue refunding bonds at any time while bonds issued under this article are outstanding, provided that the final maturity of a series of bonds being refunded shall not be extended.

(d) Interest.--Interest on bonds issued under this article and refunding bonds authorized under this section shall be payable at the time or times the authority determines in the resolution authorizing the bonds and, except as provided under subsection (e), shall otherwise be subject to the other provisions of 64 Pa.C.S. Ch. 15 (relating to Commonwealth Financing Authority).  Interest may be capitalized for a period not to exceed two years.

(e) Debt limitations.--The aggregate principal amount of bonds specified in this section shall not be subject to the debt limitations specified in 64 Pa.C.S. § 1543 (relating to indebtedness).

(f) Term of bonds.--The term of the bonds issued under this article may not exceed 30 years.