64 Pa.C.S. § 6021 — PA Code / Title 64 / Chapter 60 / Section 6021
Limitation of powers.
Status: in_force

(a) Commonwealth pledge.--The Commonwealth pledges to and agrees with any person, the city, political subdivision or Federal agency subscribing to or acquiring the bonds to be issued by the authority for the construction or improvement of a convention center or parts of a convention center that the Commonwealth will not limit or alter the rights and powers vested in the authority by this chapter or otherwise created by this chapter in any manner inconsistent with the obligations to the bondholders until all bonds, together with the interest on the bonds, are fully paid and discharged. The Commonwealth further pledges to and agrees with any Federal agency that, in the event any Federal agency shall construct or contribute any funds for the construction or improvement of a convention center or parts of a convention center, the Commonwealth will not alter or limit the rights and powers of the authority in any manner which would be inconsistent with the due performance of any agreements between the authority and the Federal agency.

(b) Additional Commonwealth pledge.--The Commonwealth pledges to and agrees with any person that, as owner of a convention center, leases or subleases a convention center or parts of a convention center to or from an authority created or continued pursuant to this chapter that the Commonwealth will not limit or alter the rights and powers vested by this chapter in the authority or otherwise created by this chapter in any manner which impairs the obligations of the authority until all obligations of the authority under the lease or sublease are fully met and discharged.
64 Pa.C.S. § 1123 — PA Code / Title 64 / Chapter 11 / Section 1123
Certification of economic development organizations.
Status: in_force

(a) General rule.--The authority shall establish guidelines for the certification of eligible nonprofit organizations as certified economic development organizations.

(b) Eligible applicants.--The following nonprofit organizations may apply to be certified as a certified economic development organization:

(1) A local development district organized and existing under the act of December 7, 1994 (P.L.845, No.120), known as the Local Development District Act.

(2) An industrial development agency organized and existing under the act of May 17, 1956 (1955 P.L.1609, No.537), known as the Pennsylvania Industrial Development Authority Act.

(3) An industrial resource center organized and existing under the act of June 22, 2001 (P.L.400, No.31), known as the Industrial Resources Center Partnership Act.

(4) A redevelopment authority organized and existing under the act of May 24, 1945 (P.L.982, No.383), known as the Redevelopment Cooperation Law.

(5) A Community Development Financial Institution certified by the Community Development Financial Institution Fund established in section 104(a)(1) of the Riegle Community Development and Regulatory Improvement Act of 1994 (Public Law 103-325, 12 U.S.C. § 4703(a)(1)).

(6) Any other nonprofit economic development organization determined by the authority as possessing the qualifications necessary to evaluate and administer the programs.

(c) Requirements.--The guidelines must, at minimum, set requirements for annual training and professional development for an organization's professional staff, standards for the organization's facilities and technical capabilities and require the organization to adopt a code of ethics.

(d) Audit.--A certified economic development organization must submit an audit to the authority every three years demonstrating that requirements continue to be satisfied.

(e) Approval.--If the authority determines that the application meets the requirements of the guidelines, the authority may, in its sole and final discretion, certify the applicant as a certified economic development organization. Cross References. Section 1123 is referred to in section 1102 of this title; section 2302 of Title 12 (Commerce and Trade); section 3101 of Title 72 (Taxation and Fiscal Affairs).
64 Pa.C.S. § 6015 — PA Code / Title 64 / Chapter 60 / Section 6015
Transfer of existing facilities or funds; making of annual grants and lease payments to authority; Commonwealth bonds.
Status: in_force

(a) Authority granted.--

(1) A State public body, political subdivision or the city may sell, lease or sublease from or to, lend, grant, convey or otherwise transfer or pay over directly to the authority, with or without consideration, any of the following:

(i) A convention center or parts of a convention center.

(ii) Any interest in property, real, personal or mixed, tangible or intangible.

(iii) Any funds available, needed or obligated for development, acquisition, design, maintenance, management, operation, financing, leasing or subleasing construction, expansion or substantial renovation or improvement purposes. This subparagraph includes the proceeds of bonds previously or hereafter issued for construction or improvement of a convention center or parts of a convention center.

(iv) Notwithstanding any other provision of law, any grant shall be made directly to the authority.

(2) Any property, funds or convention center or parts of a convention center received by the authority may be used for any lawful purpose of the authority.

(3) Nothing in this chapter nor in any other law shall be deemed to make an authority or any persons, State-supported or State-aided institutions under any laws of this Commonwealth.

(b) Grants authorized.--

(1) A city may do any of the following:

(i) Make grants from current revenue to the authority.

(ii) Assist in defraying the cost of management, operation, maintenance, financing and debt service of a convention center or parts of a convention center.

(iii) Enter into long-term agreements providing for the payment of grants made or costs defrayed under subparagraph (i) or (ii).

(iv) Enter into long-term leases or subleases as lessee or sublessee of all or part of a convention center.

(2) Obligations of a city to make grants, lease or sublease payments to an authority shall not, even if based on debt obligations of an authority, constitute debts of the city within the meaning of any constitutional or statutory provision and shall be payable only to the extent that current revenues of the city are available.

(3) A city may issue general obligation bonds for the purpose of obtaining funds for local contributions pertaining to convention centers or parts of convention centers. Cross References. Section 6015 is referred to in section 6016 of this title.
64 Pa.C.S. § 6101 — PA Code / Title 64 / Chapter 61 / Section 6101
Scope of chapter.
Status: in_force

This chapter relates to the development and expansion of broadband services, including to unserved and underserved areas of this Commonwealth.
64 Pa.C.S. § 1557 — PA Code / Title 64 / Chapter 15 / Section 1557
New Pennsylvania Venture Capital Investment Program.
Status: in_force

(a) Establishment.--There is established a program to be known as the New Pennsylvania Venture Capital Investment Program. The program shall provide loans to venture capital partnerships for investment in Pennsylvania-related companies. The nature of the investments shall be equity or convertible debt.

(b) Applications.--A venture capital partnership seeking to make investments in Pennsylvania-related companies may submit an application for a loan to the authority. The application must be on the form required by the board and shall include or demonstrate all of the following:

(1) The applicant's name.

(2) The address of the applicant and a list of all offices of the applicant located in this Commonwealth.

(3) The applicant's business plan, which may be a private placement memorandum pursuant to 17 CFR §§ 230.501 through 230.508 (relating to Regulation D--rules governing the limited offer and sale of securities without registration under the Securities Act of 1933).

(4) A history of the applicant's development, operations, accomplishments and historical investment returns, including past performance of principals and partners.

(5) A description of the intended industry sectors and stage of investment in which the applicant will invest.

(6) A description of the applicant's current and proposed relationship with organizations in this Commonwealth that foster economic development.

(7) Any other information required by the board.

(c) Application review.--The board shall review the application to determine all of the following:

(1) If the applicant has invested in Pennsylvania-related companies in the past.

(2) If the applicant has demonstrated strong relationships with organizations in this Commonwealth which foster economic development.

(3) That the applicant has demonstrated a satisfactory investment performance record.

(4) That the applicant has demonstrated that it can and will raise and invest in Pennsylvania-related companies at least $1 of nonpublic equity for every $1 of loan funds received by the applicant under this section.

(5) That the applicant has or will open an office in Pennsylvania staffed with at least one senior-level partner and will maintain such office for the duration of the loan.

(6) That the applicant complied with all other criteria established by the board.

(d) Approval of the applications.--

(1) Upon being satisfied that all requirements have been met, the board may approve the application, and, if approved, the authority shall award a loan. The board shall establish the term of repayment of principal and payment of interest and other return to the authority and all other terms and conditions of the loan consistent with the provisions of this section.

(2) In approving applications, the board shall consider whether an applicant has had an office in this Commonwealth for at least the 12 months immediately preceding the date of the applicant's application.

(e) Limitation.--

(1) All loans awarded to venture capital partnerships under this section and the matching nonpublic equity shall be invested in Pennsylvania-related companies.

(2) At least 50% of the funds made available for the program under this section shall be used to make loans for investments in Pennsylvania-related companies located in Pennsylvania counties which are outside the Philadelphia Metropolitan Statistical Area and which have a population of 1,000,000 or less, based on the 2000 Decennial Census of the Bureau of the Census.

(3) At least 50% of the funds made available for the program under this section shall be used to make loans to venture capital partnerships which have primary offices staffed with at least one senior-level partner located in Pennsylvania counties which are outside the Philadelphia Metropolitan Statistical Area and which have a population of 1,000,000 or less, based on the 2000 Decennial Census of the Bureau of the Census. Cross References. Section 1557 is referred to in section 1543 of this title.
64 Pa.C.S. § 1503 — PA Code / Title 64 / Chapter 15 / Section 1503
Findings and declaration of policy.
Status: in_force

The General Assembly finds and declares as follows:

(1) Activities which lead to the creation and retention of jobs within this Commonwealth, the establishment of economically viable Pennsylvania communities, the development of a stable tax base within Pennsylvania communities, the reuse of abandoned industrial, commercial and other previously utilized sites, the promotion and commercialization of Pennsylvania products and services and the investment of private capital in Pennsylvania enterprises and Pennsylvania communities will improve the health, safety and general welfare of the people of this Commonwealth by increasing employment of Pennsylvania workers, by developing a stable State economy, by revitalizing communities, by reducing, eliminating and preventing blight and eliminating certain environmental hazards.

(2) Many existing industrial, commercial and other economic activities throughout this Commonwealth could become more competitive and could expand more rapidly if additional means of financing were available for modern buildings, plant facilities, modern machinery and equipment and other capital needs. Additional activities could be attracted to this Commonwealth if additional means of financing were available to acquire, construct, rehabilitate and expand facilities. Financing for cost-saving activities related to buildings, plants, machinery and equipment and other facilities would further the purposes of this paragraph.

(3) A minimum level of unemployment and a maximum level of business opportunity can best be provided by the promotion, attraction, stimulation, rehabilitation and

revitalization of industrial, commercial, technological, tourist, agricultural and other economic activities in this Commonwealth. The promotion of these activities will also enhance Pennsylvania's competitiveness in the global economy.

(4) The provisions of the Constitution of Pennsylvania guaranteeing the residents of this Commonwealth clean air and water and the preservation of the environment and the implementation of those provisions through the establishment of quality standards relating to abatement or elimination of pollution have resulted in the need for additional means of financing to assist and encourage compliance with standards on air, water, solid and liquid waste disposal, sewage disposal and pollution control.

(5) Industrial and commercial facilities should be promoted, whether by the financing of these facilities or by the encouragement of other activities deemed appropriate which will eliminate blight or otherwise improve an area for industrial, commercial or other economic activity.

(6) To protect the health, safety and general welfare of the people of this Commonwealth and to further encourage economic development and efficiency within this Commonwealth by providing basic services and facilities, it is necessary to provide additional or alternative means of financing infrastructure facilities, transportation systems, industrial parks, energy conversion facilities, facilities for the furnishing of energy, water and telecommunications, facilities for the collection or treatment of wastewater and storm water, tourism, parking facilities, health care facilities and other basic service and related facilities which are conducive to economic activity within this Commonwealth and which are consistent with the purposes of this chapter.

(7) To protect the health, safety and general welfare of the people of this Commonwealth, it is desirable to build, improve and finance facilities owned by municipalities, municipal authorities and other authorities and instrumentalities of the Commonwealth, including publicly owned roads and other transportation systems and waste treatment and disposal facilities.

(8) Industrial, commercial, technological, tourist, agricultural and other economic activity should be promoted through the development of new businesses and the expansion of existing businesses, the revitalization of real estate assets, the acquisition and preparation of sites for future use and the support of tax increment financing.

(9) It is the policy of this Commonwealth to promote the health, safety, employment, business opportunities, economic activity and general welfare of the people by:

(i) establishing an authority to exist and operate as a public instrumentality of the Commonwealth; and

(ii) establishing the programs under this chapter and authorizing financial assistance, regardless of whether the applicant or the project user is public or private or whether the project is undertaken with a profit or not-for-profit purpose.
64 Pa.C.S. § 6026 — PA Code / Title 64 / Chapter 60 / Section 6026
Pennsylvania Convention Center Assistance Fund.
Status: in_force

There is established a special fund to be known as the Pennsylvania Convention Center Assistance Fund. The State Treasurer shall be custodian of the Pennsylvania Convention Center Assistance Fund, which shall be subject to the provisions of law applicable to funds listed in section 302 of the act of April 9, 1929 (P.L.343, No.176), known as The Fiscal Code. Any money designated for the Pennsylvania Convention Center Assistance Fund shall be credited to the Pennsylvania Convention Center Assistance Fund. All moneys and investments on deposit

in or credited to the Pennsylvania Convention Center Assistance Fund shall be at all times property of the authority. The State Treasurer shall disburse money in the Pennsylvania Convention Center Assistance Fund to the authority or upon order of the authority for use in accordance with the provisions of this chapter. Effective Date. Section 7(1) of Act 3 of 2004 provided that section 6026 shall take effect upon publication of the notice under section 6 of Act 3.
64 Pa.C.S. § 6008 — PA Code / Title 64 / Chapter 60 / Section 6008
Purposes and powers; bonds.
Status: in_force

(a) Authorization.--

(1) Bonds must be authorized by resolution of the board. A resolution authorizing the issuance of bonds must specify all of the following:

(i) Series.

(ii) Date of maturity not exceeding 40 years from date of issue.

(iii) Interest.

(iv) Denomination.

(v) Form, either coupon or fully registered without coupons.

(vi) Registration, exchangeability and interchangeability privileges.

(vii) Medium of payment and place of payment.

(viii) Terms of redemption.

(ix) Priorities in the revenue or receipts of the authority.

(2) Bonds must be signed by or must bear the facsimile signature of such officers as the authority determines. Coupon bonds must have attached interest coupons bearing the facsimile signature of the treasurer of the authority as prescribed in the authorizing resolution. Bonds may be issued and delivered notwithstanding that one or more of the signing officers or the treasurer has ceased to be an officer when the bonds are actually delivered. Bonds must be authenticated by an authenticating agent, a fiscal agent or a trustee, if required by the authorizing resolution.

(3) Bonds may be sold at public or private sale for a price determined by the authority. Bonds may be sold at private sale only if:

(i) the authority makes a written public explanation of the circumstances and justification for the private sale; and

(ii) the board approves the private sale by a vote of eight members of the board.

(4) Pending the preparation of definitive bonds, interim receipts may be issued to the purchaser and may contain terms and conditions as the authority determines.

(b) Negotiability.--Bonds shall have all the qualities of negotiable instruments under 13 Pa.C.S. Div. 3 (relating to negotiable instruments).

(c) Use of net proceeds.--The net proceeds of the issue of bonds or notes may be used to pay the costs of a project or to reimburse any costs initially paid by any State public body, the city, other political subdivision, agency, organization or person.

(d) Refunding authorized.--

(1) Subject to the provisions of the outstanding bonds, notes or other obligations issued under the former provisions of the act of June 27, 1986 (P.L.267, No.70), known as the Pennsylvania Convention Center Authority Act, formerly codified at 53 Pa.C.S. Ch. 59 (relating to Pennsylvania Convention Center Authority), and if not otherwise inconsistent, subject to the provisions of this chapter, the authority shall have the right and power to refund any outstanding debt, in whole or in part, at any time and shall have the right and power to refund any outstanding notes with bonds or bonds with notes.

(2) As used in this subsection, the term "refund" shall mean the issuance and sale of obligations the proceeds of which are used or are to be used for the payment or redemption of outstanding obligations upon or prior to maturity.
64 Pa.C.S. § 6011 — PA Code / Title 64 / Chapter 60 / Section 6011
Additional remedies conferrable by authority.
Status: in_force

(a) Additional remedies.--The authority has the power, by its resolution, trust, indenture or mortgage, to confer upon any obligees holding or representing a specified percentage of bonds the right, in addition to all rights that may otherwise be conferred, upon the happening of an event of default as defined in the resolution or instrument, by suit, action or proceeding in any court of competent jurisdiction, to:

(1) obtain the appointment of a receiver of real property or a leasehold interest of the authority and of the rents and profits from the property or interest and, if a receiver is appointed, to authorize the receiver to enter and take possession of the real property or leasehold interest, operate it, collect and receive all revenue or other income arising from it, keep the money in a separate account and apply it in accordance with the obligations of the authority as the court directs; or

(2) require the authority and its board members to account as if it and they were the trustees of an express trust.

(b) Authority of receiver.--Nothing in this section or any other section of this chapter shall authorize any receiver appointed pursuant to this chapter for the purpose of operating and maintaining any facilities of the authority to sell, assign, mortgage or otherwise dispose of any of the assets, of whatever kind or character, belonging to the authority. It is the intention of this chapter to limit the powers of the receiver to the operation and maintenance of the facilities of the authority as the court shall direct, and no holder or holders of bonds of the authority nor any trustee or other obligee shall ever have the right in any suit, action or proceeding, at law or in equity, to compel a receiver, nor shall any receiver ever be authorized or any court be empowered to direct the receiver, to sell, assign, mortgage or otherwise dispose of any assets, of whatever kind or character, belonging to the authority.
64 Pa.C.S. § 1525 — PA Code / Title 64 / Chapter 15 / Section 1525
Provisions of bonds; trust agreements.
Status: in_force

A resolution authorizing the issuance of bonds or any trust agreement approved in or by a resolution authorizing the issuance of bonds may contain provisions which do any of the following:

(1) Secure the bonds.

(2) Covenant against any of the following:

(i) Pledging or granting a security interest in all or any part of the authority's revenues or all or any part of its property to which its right or title exists or which may later come into existence.

(ii) Permitting or suffering any lien on all or any part of its revenues or property.

(iii) Extending the time for the payment of bonds or interest.

(3) Covenant with respect to limiting the authority's right to sell, pledge or otherwise dispose of bonds or notes of governmental units, loan agreements or other property.

(4) Covenant as to any of the following:

(i) Additional bonds to be issued.

(ii) Limitations on additional bonds.

(iii) Terms and conditions of additional bonds.

(iv) Custody, application, investment and disposition of proceeds of bonds.

(v) Incurring of other debts or obligations by the authority.

(vi) Payment of principal of or interest on bonds.

(vii) Sources and methods of payment.

(viii) Rank or priority of bonds with respect to liens or security interests.

(ix) Redemption, purchase and tender of bonds by the authority or the bondholders and the privilege of exchange of the bonds for other bonds.

(x) Use, investment and disposition of the money held in special funds, accounts or reserves.

(xi) Use of any or all of the authority's real or personal property.

(xii) Warrant of title to the authority's real or personal property.

(5) Provide for any of the following:

(i) Replacement of lost, stolen, destroyed or mutilated bonds.

(ii) Maintenance of the authority's real and personal property.

(iii) Replacement of the authority's real and personal property.

(iv) Insurance to be carried on the authority's real and personal property and the use and disposition of the insurance proceeds.

(v) Rights, liabilities, powers and duties arising upon the breach of any covenant, condition or obligation.

(6) Create or authorize the creation of special funds or accounts to be held in trust or otherwise for the benefit of bondholders or of reserves for debt service or other purposes.

(7) Provide for obtaining letters of credit, bond insurance and other facilities for credit enhancement and liquidity.

(8) Prescribe any of the following:

(i) Procedure, if any, by which the terms of any contract with bondholders may be amended or abrogated.

(ii) Percentage of the principal amount of bonds the holders of which must consent to the amendment or abrogation of any contract.

(iii) Manner in which the consent under subparagraph

(ii) may be given.

(9) Prescribe any of the following:

(i) Events of default.

(ii) Terms and conditions upon which any or all of the bonds become or may be declared due and payable before stated maturity following an event of default.

(iii) Terms and conditions upon which the declaration of default and its consequence may be waived.

(10) Pay the costs or expenses incident to any of the following:

(i) The enforcement of the bonds.

(ii) The provisions of the resolution authorizing the issuance of the bonds.

(iii) The trust agreement securing the bonds.

(iv) Any covenant or agreement of the authority with the holders of the bonds or other obligees of the authority.

(11) Vest in a trustee, within or without this Commonwealth, any property, rights, powers and duties in trust, including rights with respect to the sale or other disposition of notes and bonds of governmental units and other instruments and security pledged under a resolution or trust agreement for the benefit of bondholders and rights,

by suit or action, to foreclose a mortgage pledged under a resolution or trust indenture for the benefit of bondholders.

(12) Limit the rights, powers and duties of a trustee and the right of bondholders to appoint a trustee.

(13) Establish the terms and conditions upon which a trustee or the bondholders may enforce a covenant or rights securing or relating to the bonds.

(14) Exercise all or any part or combination of the powers granted in this chapter.

(15) Make covenants other than and in addition to the covenants expressly authorized by this chapter.

(16) Do or refrain from doing any other act and thing necessary, convenient or desirable in order to better secure the bonds of the authority or, in the absolute discretion of the authority, as will tend to make bonds of the authority more marketable. This paragraph applies notwithstanding that the covenant, act or thing may not be specifically enumerated in this chapter as long as the covenant, act or thing is in accordance with the intent of this chapter.
64 Pa.C.S. § 1541 — PA Code / Title 64 / Chapter 15 / Section 1541
Trust accounts.
Status: in_force

The authority shall establish one or more trust accounts into which it shall deposit the proceeds of bonds authorized to be issued pursuant to section 1521 (relating to bonds issuance) to fund the programs established in Subchapter E (relating to programs) and any other moneys legally available for the purpose. Moneys held in an account established under this section may be pledged by the authority to secure payment of the bonds.
64 Pa.C.S. § 1553 — PA Code / Title 64 / Chapter 15 / Section 1553
Second Stage Loan Program.
Status: in_force

(a) Establishment.--There is established a program to be known as the Second Stage Loan Program. The program shall provide loan guarantees to commercial lending institutions that make loans to life sciences, advanced technology or manufacturing businesses.

(b) Application for enrollment.--A commercial lending institution may apply for enrollment in the program authorized by this section. The application shall be on the form prescribed by the board and shall include or demonstrate all of the following:

(1) The name and address of the commercial lending institution and the name and title of the individual who will serve as the point of contact for the commercial lending institution.

(2) A statement defining the service area of the commercial lending institution.

(3) A statement describing the commercial lending activities engaged in by the commercial lending institution and how the institution intends to expand those activities as a result of its participation in the program authorized by this section.

(4) Any other information required by the board.

(c) Enrollment approval.--Upon being satisfied that all requirements have been met, the board may enroll the commercial lending institution in the program authorized by this section, and, if enrolled, the authority shall execute a master guarantee agreement in favor of the commercial lending institution. In addition to any other terms and conditions required by the board, the master guarantee agreement shall provide for the following:

(1) The procedure for the submission of a claim for payment by the commercial lending institution. This procedure shall require that the commercial lending institution demonstrate that it has exhausted all available remedies against the borrower, other guarantors and collateral for the loan before seeking payment under the agreement.

(2) A requirement that a percentage of any moneys recovered by the commercial lending institution subsequent to any payment made under the master guarantee agreement by the authority be remitted to the authority.

(3) Periodic reporting requirements by the commercial lending institution regarding itself and regarding the loans for which guarantee certificates have been issued under this section.

(d) Application for guarantee.--A commercial lending institution enrolled in the program authorized by this section may submit an application to the authority for the guarantee of a proposed loan. The application shall be on the form prescribed by the board and shall include or demonstrate all of the following:

(1) The name and address of the borrower, the type of business the borrower conducts, the location and age of the business and the names and addresses of the principals of the borrower.

(2) The number of projected new or retained employees of the borrower as a result of the loan.

(3) A copy of the borrower's last two years of financial statements prepared or reported on by an independent certified public accountant.

(4) A statement describing the purpose of the loan, the requested amount of the loan, a copy of the commercial lending institution's commitment letter and applicable credit underwriting that supports the repayment of the loan, as well as the collateral and other guarantees offered by the borrower to support the loan.

(5) Any other information required by the board.

(e) Application review.--

(1) The board shall review the application to determine all of the following:

(i) That the borrower owns and operates a life sciences, advanced technology or manufacturing business.

(ii) That the borrower's business has been in existence for at least two years but no more than seven years at the time of application.

(iii) That the borrower is financially responsible and has the ability to repay the loan.

(iv) That the use of loan proceeds by the borrower will result in jobs being created or retained within this Commonwealth.

(v) That the borrower's business is located within the commercial lending institution's service area and within this Commonwealth.

(vi) That the borrower and the commercial lending institution have met all other requirements established by the board.

(2) Upon being satisfied that all requirements have been met, the board may approve the guarantee, and, if approved, the authority shall issue a guarantee certificate for the loan to the commercial lending institution stating the terms and amount of the guarantee.

(3) The board may establish a subcommittee composed of one or more members of the board and staff of the department to review and approve applications for guarantees under this section.

(f) Limitations.--

(1) During the first two years of the term of a loan for which a guarantee certificate has been issued, the guarantee may not exceed 50% of the outstanding principal amount of the loan. From the end of year two through either the end of year seven or the end of the term of the loan, whichever occurs first, the guarantee may not exceed 25% of the outstanding principal amount of the loan. The guarantee will terminate at the end of seven years.

(2) At no time may a guarantee exceed $1,000,000 for any one loan. Cross References. Section 1553 is referred to in section 1543 of this title.
64 Pa.C.S. § 6 — PA Code / Title 64 / Chapter 6 / Section 6
Applicability.
Status: in_force

The following shall apply:

(1) In order to facilitate the repair or rehabilitation of existing water and wastewater systems, the Commonwealth shall, by December 31, 2005, incur not less than $50,000,000 nor more than $100,000,000 of additional debt from the debt authorized under the act of March 16, 1992 (P.L.10, No.5), known as the Small Water Systems Assistance Act, and approved by the electorate at the April 28, 1992, General Election. The additional debt shall be incurred by the issuance of general obligation bonds issued in accordance with section 17 of the act of March 1, 1988 (P.L.82, No.16), known as the Pennsylvania Infrastructure Investment Authority Act.

(2) Proceeds from the sale of bonds required by paragraph (1) shall be transferred to the Pennsylvania Infrastructure Investment Authority.

(3) The Pennsylvania Infrastructure Investment Authority shall use the proceeds from the sale of bonds required by paragraph (1) to finance projects of existing water and wastewater systems which, when complete, do any of the following:

(i) Repair, rehabilitate or modernize existing water or wastewater systems to meet environmental or public health standards.

(ii) Eliminate existing combined or sanitary wastewater overflow problems.

(iii) Construct water or wastewater infrastructure to improve public health or eliminate environmental concerns.

(iv) Construct wastewater infrastructure utilizing nutrient reduction technology.

Explanatory Note. Act 218 amended or added sections 1504, 1543, 1552 and 1558 of Title 64. 2008, OCTOBER 9, P.L.1517, NO.125
64 Pa.C.S. § 6014 — PA Code / Title 64 / Chapter 60 / Section 6014
Expansion financing.
Status: in_force

(a) Commonwealth funds.--Any grants of Commonwealth funds to the authority or for use by the authority to finance any expansion or substantial renovation of the convention center shall be subject to the requirements of this section.

(b) Managerial audit.--

(1) If the board has not initiated or completed a managerial audit within 12 months prior to the effective date of this section, the board shall initiate a managerial audit of the convention center to be performed by an independent auditor. The audit shall examine all of the following:

(i) payroll and personnel practices;

(ii) equipment controls and security;

(iii) management activities;

(iv) management control systems;

(v) cost overruns for conventions held at the convention center;

(vi) labor productivity;

(vii) comparison of costs with convention centers in other states;

(viii) work rules;

(ix) appropriate benchmarks for evaluation of convention center performance;

(x) rebooking rates; and

(xi) any other items proposed by the board.

(2) The board shall order subsequent independent managerial audits no later than 90 days after the end of every third fiscal year beginning with the fiscal year ending in 2004.

(c) Code of conduct.--The board shall establish a code of conduct and a system to enforce the code of conduct.

(d) Customer service.--The board shall do all of the following:

(1) Establish dispute resolution mechanisms for the use of customers of the convention center.

(2) Adopt a plan for documenting, investigating and resolving customer complaints.

(3) Implement the systematic collection of customer feedback and monitor customer satisfaction.

(4) Adopt a system of program measures and benchmarks to evaluate changes in customer satisfaction over time. The program measures shall include customer perspectives on labor jurisdiction disputes, overall labor environment and labor efficiency.

(e) Release.--Prior to the release of any Commonwealth funds to finance any expansion or substantial renovation, the Secretary of the Budget in his sole discretion shall certify to the President pro tempore of the Senate and the Speaker of the House of Representatives that the board has complied with subsections (b), (c) and (d).

(f) Financial plan.--The authority shall submit a proposed financial plan for an expansion or substantial renovation of the convention center to the Governor, the President pro tempore of the Senate, the Speaker of the House of Representatives and the Pennsylvania Intergovernmental Cooperation Authority. The financial plan shall be considered a public record. The Pennsylvania Intergovernmental Cooperation Authority shall prepare a detailed analysis on the fiscal impact and financial risks for the expansion or substantial renovation and provide the detailed analysis to the Governor, the President pro tempore of the Senate and the Speaker of the House of Representatives. The analysis shall be considered a public record.
64 Pa.C.S. § 1528 — PA Code / Title 64 / Chapter 15 / Section 1528
Bonds to be legal investments.
Status: in_force

(a) Investments.--Bonds issued pursuant to this chapter are made securities in which all of the following may properly and legally invest funds, including capital, deposits or other funds in their control or belonging to them:

(1) Government agencies.

(2) Insurance companies.

(3) Trust companies.

(4) Banking associations, banking corporations and savings banks.

(5) Investment companies.

(6) Executors, trustees and other fiduciaries.

(7) Trustees of any retirement, pension or annuity fund or system of the Commonwealth.

(b) Deposits.--Bonds issued by the authority are made securities which may properly and legally be deposited with and received by a government agency for any purpose for which the deposit of bonds or other obligations of the Commonwealth are authorized by law.
64 Pa.C.S. § 6022 — PA Code / Title 64 / Chapter 60 / Section 6022
Exemption from taxation.
Status: in_force

The effectuation of the authorized purposes of an authority created under this chapter shall be in all respects for the benefit of the people of this Commonwealth, for the increase of their commerce and prosperity and for the improvement of their health and living conditions. The authority will, as a public instrumentality of the Commonwealth, be performing essential governmental functions. In effectuating such purposes, the authority shall not be required to pay any taxes or assessments upon a convention center or part of a convention center or upon property acquired or used or permitted to be used by an authority for such purposes. Bonds issued by an authority and the transfer of and income from bonds, including profit made on the sale of bonds, shall be free from State and local taxation within this Commonwealth. This exemption shall not extend to gift, estate, succession or inheritance taxes or any other taxes not levied directly on the bonds, the transfer of bonds, the income from bonds or the realization of profits on the sale of bonds.
64 Pa.C.S. § 6007 — PA Code / Title 64 / Chapter 60 / Section 6007
Acquisition of lands.
Status: in_force

(a) Power.--If the authority deems it necessary for a purpose under this chapter, the authority has the power to

acquire any of the following with respect to land within the city by purchase or eminent domain proceedings:

(1) A fee.

(2) Any right, title, interest or easement.

(b) Procedure.--The right of eminent domain shall be exercised by the authority in the manner provided by the act of June 22, 1964 (Sp.Sess., P.L.84, No.6), known as the Eminent Domain Code. References in Text. The act of June 22, 1964 (Sp.Sess., P.L.84, No.6), known as the Eminent Domain Code, referred to in subsec. (b), was repealed by the act of May 4, 2006 (P.L.112, No.34). The subject matter is now contained in Title 26 (Eminent Domain).
64 Pa.C.S. § 1514 — PA Code / Title 64 / Chapter 15 / Section 1514
Limitation.
Status: in_force

Except upon foreclosure or default under a loan made under this chapter, the board may not approve an application or finance a project if the board or authority would be required to operate, service or maintain the project under a lease or other agreement.
64 Pa.C.S. § 1125 — PA Code / Title 64 / Chapter 11 / Section 1125
Conflict of interest.
Status: in_force

A member of the board or an employee of the authority may not, either directly or indirectly, be a party to or have any financial interest in any contract or agreement arising pursuant to this chapter or the programs.
64 Pa.C.S. § 1501 — PA Code / Title 64 / Chapter 15 / Section 1501
Scope.
Status: in_force

This chapter relates to the Commonwealth Financing Authority.
64 Pa.C.S. § 6004 — PA Code / Title 64 / Chapter 60 / Section 6004
Authority created; existing authority continued.
Status: in_force

A body corporate and politic named the Pennsylvania Convention Center Authority is created and continued as a public authority and instrumentality of the Commonwealth which shall have continuing succession until its existence shall be terminated by law. The exercise by the authority of the powers conferred by this chapter or under the former provisions of the act of June 27, 1986 (P.L.267, No.70), known as the Pennsylvania Convention Center Authority Act, formerly codified at 53 Pa.C.S. Ch. 59 (relating to the Pennsylvania Convention Center Authority), is declared to be and shall for all purposes be deemed and held to be the performance of an essential public function. Special Provisions in Appendix. See sections 3(1) and 4 of Act 3 of 2004 in the appendix to this title for special provisions relating to continuation of prior law and applicability of law.
64 Pa.C.S. § 6122 — PA Code / Title 64 / Chapter 61 / Section 6122
Specific powers and duties.
Status: in_force

(a) Single point of contact.--The authority shall aim to serve as a single point of contact for entities wishing to engage in broadband development and deployment in this Commonwealth, including coordination of public and private efforts to avoid overbuild in any given geographic area and to efficiently utilize existing infrastructure.

(b) Funding resource base.--In addition to providing the financial assistance authorized by this chapter to support broadband deployment, the authority shall identify and promote opportunities to access Federal funding, nongovernmental organization funding and other funding opportunities to eliminate duplicative funding requests and synthesize multiple-provider joint efforts in any given geographic area.

(c) Cooperation of other Commonwealth entities.--The authority shall maintain a centralized database of all broadband deployment activities occurring within Commonwealth agencies and departments. All Commonwealth agencies and departments charged with specific aspects of broadband development and deployment shall communicate and cooperate with the authority regarding the authority's development and maintenance of the centralized database to avoid duplication of efforts as well as provide consultation on their respective areas of expertise.

(d) Educational materials.--The authority may develop educational materials and engage in public information campaigns to encourage adoption of broadband where currently available and increase consumer understanding of the need for broadband access for all Commonwealth residents.

(e) Municipal best practices.--The authority may develop best practices for municipalities in order to expedite broadband development and deployment.

(f) Letters of intent and proposals.--The authority shall be responsible for drafting and filing all letters of intent, initial and final proposals or other correspondence as required to maximize access to Federal funding for broadband development and deployment.

(g) Broadband plan.--The authority shall develop a Statewide broadband plan in collaboration with local and regional entities to advance broadband buildout, including equitable access and digital literacy components, for the benefit of residents of this Commonwealth and as necessary to facilitate access of applicants to funding opportunities from the Federal Government. The Statewide broadband plan shall also incorporate opportunities to utilize Commonwealth assets to the extent practicable. The Statewide broadband plan shall inure as expeditiously as possible and no later than one year from the effective date of this section. A political subdivision shall have the opportunity to comment upon an initial Statewide broadband plan proposal of the authority. Cross References. Section 6122 is referred to in sections 6102, 6121 of this title.
64 Pa.C.S. § 1124 — PA Code / Title 64 / Chapter 11 / Section 1124
Transfer of funds.
Status: in_force

Except for funds in the Pollution Prevention Assistance Account, funds may be transferred by an action of the board between the Small Business First Fund, the Machinery and

Equipment Loan Fund and the Industrial Development Fund to maximize the effectiveness of the programs.
64 Pa.C.S. § 1554 — PA Code / Title 64 / Chapter 15 / Section 1554
New Pennsylvania Venture Guarantee Program.
Status: in_force

(a) Establishment.--There is established a program to be known as the New Pennsylvania Venture Guarantee Program. The program shall provide guarantees to venture capital partnerships for investments in Pennsylvania-related companies which are in the early stage or mid-stage of development.

(b) Guarantee applications.--A venture capital partnership may submit an application to the authority requesting a guarantee of investments of principal to be made in Pennsylvania-related companies. The application shall be on the form prescribed by the board and shall include or demonstrate all of the following:

(1) The applicant's name and address and the address of all of the applicant's offices located in Pennsylvania.

(2) The resumes of the individuals responsible for the investment decisions of the applicant.

(3) A history of the applicant's development, operations, accomplishments and historical investment returns, including past performance of principals and partners and the applicant's history of investments in Pennsylvania-related companies.

(4) The applicant's business plan, which may be a private placement memorandum pursuant to 17 CFR §§ 230.501 through 230.508 (relating to Regulation D--rules governing the limited offer and sale of securities without registration under the Securities Act of 1933).

(5) A description of the intended industry sectors and stage of investment in which the applicant will invest and the anticipated amount of investment to be made in Pennsylvania-related companies.

(6) A statement of any recent changes in the principals or partners of the applicant.

(7) A statement of the fees or other payment proposed to be paid to the authority by the applicant as consideration for the issuance of a guarantee.

(8) Any other information required by the board.

(c) Application review.--The board shall review the application to determine all of the following:

(1) That the managing partner of the applicant has managed one or more venture capital partnerships which have performance rankings in the top quartile nationwide when compared to other venture capital partnerships with similar investments made over the same period of time.

(2) That the applicant will invest at least $15,000,000 in Pennsylvania-related companies.

(3) That the applicant will agree to notify the board of all advisory, valuation and annual meetings of the applicant for the duration of the guarantee and will permit a representative of the board to attend such meetings. The board may request that the applicant provide reimbursement for reasonable travel expenses if meetings are held outside of the Commonwealth or that a board representative be able to participate in meetings by acceptable telecommunication means.

(4) That the applicant has or will open an office in Pennsylvania staffed with at least one senior-level partner and will maintain the office for the duration of the guarantee.

(5) That the applicant will provide the board with its annual financial statements, audited by a nationally recognized independent certified public accountant, for the duration of the guarantee. Financial statements shall be prepared in accordance with generally accepted accounting principles.

(6) That the board will have the ability to determine that the subject of a proposed investment to be covered by the guarantee is a Pennsylvania-related company acceptable to the board prior to the applicant making an investment in the company.

(7) That the applicant has complied with all other requirements established by the board.

(d) Approval of guarantee.--Upon being satisfied that all requirements have been met, the board may approve the application, and, if approved, the authority shall execute a guarantee agreement in favor of the applicant. In addition to any other terms and conditions required by the board, the guarantee agreement shall provide for all of the following:

(1) The procedure for the submission of a claim for payment under the guarantee agreement. A venture capital partnership will be required to have an audit performed by a nationally recognized independent certified public accounting firm prior to notifying the board that it is making a claim under the guarantee. No claim may be made prior to the completion of the seventh year following the first investment by the applicant in a Pennsylvania-related company which is covered by the guarantee.

(2) A provision that the guarantee will cover the first loss of the aggregate amount of principal invested in Pennsylvania-related companies covered by the guarantee.

(3) A procedure and schedule for the periodic reconciliation of amounts payable under the guarantee.

(4) A requirement that any increase in the valuation of investments in Pennsylvania-related companies covered by the guarantee subsequent to the payment of a claim by the authority will result in a portion of the payment being returned to the authority.

(5) A procedure for an expeditious process for the board to determine that proposed investments to be covered by the guarantee will be made to Pennsylvania-related companies acceptable to the board.

(6) A prohibition against the transfer of the benefits of the guarantee to another person without the prior approval of the board.

(e) Limitations.--

(1) The liability of the authority for any guarantee approved under this section shall be limited to the approved amount of that guarantee.

(2) A guarantee approved by the board shall not exceed 50% of the total investments made in Pennsylvania-related companies covered by the guarantee or $37,500,000, whichever is less.

(3) The board may approve one or more guarantees not to exceed $50,000,000 in the aggregate for venture capital partnerships in which the State Employees' Retirement System or the Public School Employees' Retirement System is a limited partner.

(4) Applications for guarantees may be accepted until July 1, 2007, or until the aggregate of approved guarantees equals $250,000,000, whichever occurs first. Cross References. Section 1554 is referred to in section 1543 of this title.
64 Pa.C.S. § 1120 — PA Code / Title 64 / Chapter 11 / Section 1120
Program management.
Status: in_force

The authority shall operate the programs in a coordinated and integrated manner, utilizing to the maximum extent possible the same criteria and standards in defining and administering the projects to be funded under the programs.
64 Pa.C.S. § 4 — PA Code / Title 64 / Chapter 4 / Section 4
Appropriation for prevention of military base realignment and closure.
Status: in_force

Money appropriated to the Department of Community and Economic Development for the prevention of military base realignment and closure shall be used for all of the following:

(1) The development of a Statewide strategy.

(2) Grants for economic impact studies, environmental impact studies, encroachment studies, community and regional interaction with military bases, infrastructure needs at military bases and job training needs at or near military bases. Grants shall be awarded by the Base Retention and Conversion Pennsylvania Action Committee. 2004, NOVEMBER 30, P.L.1708, NO.218
64 Pa.C.S. § 1542 — PA Code / Title 64 / Chapter 15 / Section 1542
Revolving loan program accounts.
Status: in_force

(a) The Business in Our Sites Program account.--The authority shall establish an account for the program established in section 1551 (relating to Business in Our Sites Program). Proceeds of bonds issued to fund the Business in Our Sites Program and any moneys received as loan repayments under the Business in Our Sites Program, or moneys otherwise made available to the program, shall be deposited in the account and made available for additional planning grants, project grants or loans for the purposes of the program in section 1551, subject to the provisions of any pledge to or agreement made by the authority with obligees of the authority.

(b) The First Industries Program account.--The authority shall establish an account for the program established in section 1552 (relating to First Industries Program). Proceeds of bonds issued to fund the First Industries Program, any moneys received as loan repayments or in repayment or recovery of loan guarantees under the program, or moneys otherwise made available to the program, shall be deposited in the account and made available for additional planning grants or loans or used for additional loan guarantees as provided in section 1552, subject to the provisions of any pledge to or agreement made by the authority with obligees of the authority. Cross References. Section 1542 is referred to in section 1552 of this title.
64 Pa.C.S. § 1102 — PA Code / Title 64 / Chapter 11 / Section 1102
Definitions.
Status: in_force

The following words and phrases when used in this chapter shall have the meanings given to them in this section unless the context clearly indicates otherwise:

"Application." A request for financial assistance from the programs.

"Authority." The Pennsylvania Industrial Development Authority organized and existing under the act of May 17, 1956 (1955 P.L.1609, No.537), known as the Pennsylvania Industrial Development Authority Act.

"Board." The board of directors of the authority.

"Certified economic development organization." An entity certified by the authority under section 1123 (relating to certification of economic development organizations).

"Department." The Department of Community and Economic Development of the Commonwealth.

"Industrial Development Fund." The fund established under section 8 of the act of May 17, 1956 (1955 P.L.1609, No.537), known as the Pennsylvania Industrial Development Authority Act.

"Machinery and Equipment Loan Fund." The fund established under 12 Pa.C.S. § 2904 (relating to Machinery and Equipment Loan Fund).

"Machinery and Equipment Loan Program." The program authorized by 12 Pa.C.S. Ch. 29 (relating to machinery and equipment loans).

"Pennsylvania Industrial Development Program." The program authorized under 12 Pa.C.S. Ch. 30 (relating to Pennsylvania Industrial Development Program).

"Pollution Prevention Assistance Account." The account continued under 12 Pa.C.S. § 2304 (relating to fund and accounts).

"Programs." Any of the following:

(1) The Small Business First Program.

(2) The Machinery and Equipment Loan Program.

(3) The Pennsylvania Industrial Development Program.

(4) All programs authorized by the act of May 17, 1956 (1955 P.L.1609, No.537), known as the Pennsylvania Industrial Development Authority Act.

"Small Business First Fund." The fund continued under 12 Pa.C.S. § 2304 (relating to fund and accounts).

"Small Business First Program." The program authorized by 12 Pa.C.S. Ch. 23 (relating to small business first).
64 Pa.C.S. § 6114 — PA Code / Title 64 / Chapter 61 / Section 6114
Annual report.
Status: in_force

The board shall provide the Governor and the General Assembly with an annual report by March 31 of each year detailing all projects funded under section 6123 (relating to grant awards generally). The annual report shall be published and maintained on the authority's publicly accessible Internet website and may be submitted to the Governor and the General Assembly by electronic mail.
64 Pa.C.S. § 6123 — PA Code / Title 64 / Chapter 61 / Section 6123
Grant awards generally.
Status: in_force

(a) Authorization.--The authority shall award grants under one or more programs established by the authority to fund projects, and the amount of the grants shall be limited to the money available to the authority. The authority shall aim to disburse all money available before dissolution under section 6111(d) (relating to authority).

(b) Eligible entity.--The following shall apply:

(1) For projects related to high-speed broadband service infrastructure, an applicant with the technical, managerial and financial expertise to design, build and operate high-speed broadband service infrastructure within this Commonwealth shall be eligible to apply for a grant from the authority for the development and deployment of the high-speed broadband service infrastructure. In order to qualify for a grant from the authority, the applicant shall commit to investing a minimum amount of the entity's capital to finance a proposed high-speed broadband service infrastructure project as determined by the authority in accordance with Federal law or guidance.

(2) For all other projects, eligible entities and minimum investment requirements shall be determined by the authority in accordance with Federal law or guidance.

(c) Other funding sources.--A Federal, State or local government grant, loan or subsidy received by an applicant to finance a proposed project shall not be counted toward the capital investment requirement under subsection (b) unless otherwise determined by the authority. An applicant may use a Federal, State or local government grant, loan or subsidy to finance a proposed project under subsection (b) if the entity satisfies the capital investment requirement under subsection

(b).

(d) Ineligible projects.--Proposed projects that will result in overbuild in which less than 80 percent of broadband-serviceable locations served by the proposed project are unserved or underserved or are to be managed or operated by a Federal or State entity shall be ineligible to receive a grant from the authority under this section. Cross References. Section 6123 is referred to in sections 6102, 6114, 6124 of this title.