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Pennsylvania Statutes Title 75 Pa.C.S.A. Vehicles § 9511.2. Special revenue bonds

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

(a) Payment source.--A special revenue bond, note or other obligation issued under this chapter:

(1) shall not be deemed to be a debt or liability of the Commonwealth;

(2) shall not create or constitute any indebtedness, liability or obligation of the Commonwealth; and

(3) shall be payable solely from pledged revenues.

(b) Statement.--A special revenue bond, note or other obligation issued under this chapter must contain a statement on its face that:

(1) the Commonwealth is not obligated to pay the bond, note or obligation or the interest on it except from pledged revenues; and

(2) neither the faith and credit, nor the taxing power of the Commonwealth is pledged to the payment of the principal or interest of the bond, note or obligation.

(c) Taxation.--The issuance of a special revenue bond, note or other obligation under this chapter shall not directly, indirectly or contingently obligate the Commonwealth to levy a tax or to make an appropriation for payment.

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Cite this article: FindLaw.com - Pennsylvania Statutes Title 75 Pa.C.S.A. Vehicles § 9511.2. Special revenue bonds - last updated January 01, 2022 | https://codes.findlaw.com/pa/title-75-pacsa-vehicles/pa-csa-sect-75-9511-2/

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