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Pennsylvania Statutes Title 75 Pa.C.S.A. Vehicles § 8917. Financial plan

Current as of January 01, 2022 | Updated by FindLaw Staff

(a) Submission.--

(1) No later than June 1 of each year, the commission shall prepare and provide to the Secretary of the Budget a financial plan for the ensuing fiscal year of the commission that describes the commission's proposed:

(i) operating and capital expenditures;

(ii) borrowings;

(iii) liquidity and other financial management covenants and policies;

(iv) estimated toll rates; and

(v) all other revenues and expenditures.

(2) The financial plan shall demonstrate that the operation of the commission in accordance with the plan can reasonably be anticipated to result in the commission having unencumbered funds during the ensuing and future fiscal years of the commission sufficient to make the payments due to the department under this chapter and the lease agreement for the ensuing and future fiscal years after all other obligations of the commission have been met. Financial plans prepared after June 1, 2008, shall also describe any deviations that occurred from the financial plan for the prior fiscal year of the commission and the reasons for the deviations.

(b) Receipt.--If the Secretary of the Budget receives the financial plan by the date required under subsection (a), the commission shall be authorized to conduct its operations in accordance with the plan. The financial plan may not be amended by the commission unless the commission notifies the secretary in writing of the amendment.

(c) Cooperation.--The commission shall provide to the Secretary of the Budget all information requested in connection with review of a financial plan, including materials used to prepare the plan. The information shall be provided as soon as practicable after the request.

(d) Effect of provisions.--Nothing in this section shall be deemed to prevent the commission from conducting its normal course of business or prevent the commission from complying with any covenants made to current bondholders, debt holders or creditors.

(e) Lease agreement.--The provisions of this section and section 8918 (relating to failure to perform) shall be included in the lease agreement.

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Cite this article: FindLaw.com - Pennsylvania Statutes Title 75 Pa.C.S.A. Vehicles § 8917. Financial plan - last updated January 01, 2022 | https://codes.findlaw.com/pa/title-75-pacsa-vehicles/pa-csa-sect-75-8917/

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