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2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 53 - MUNICIPALITIES GENERALLY › Chapter 80 - General Provisions › Section 8047 - Cancellation or termination of approval of electors

§ 8047. Cancellation or termination of approval of electors.
(a) Lapse of time.--
On the tenth anniversary of the date on which an assent of the electors obtained under this subpart became final, the authority to issue any or any further bonds or notes, other than as nonelectoral debt or lease rental debt subject to the limitations imposed by this subpart, shall terminate.
(b) Resolution of governing body.--
The governing body of any local government unit may by resolution, without the assent of the electors, rescind or cancel, in whole or in part, the authorization to incur electoral debt for any reason stated in the resolution, and thereupon the assent of the electors shall be of no further effect. A certified copy of the resolution with proof of the due publication thereof shall be filed with the department.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 53 - MUNICIPALITIES GENERALLY › Chapter 80 - General Provisions › Section 8048 - Limitation on use of proceeds of electoral debt

§ 8048. Limitation on use of proceeds of electoral debt.
Where bonds or notes have been issued pursuant to an assent of the electors given under this subpart, the proceeds thereof shall be kept in a separate account and shall be invested and used only for the cost, including the retirement of notes previously issued for the same project with the proceeds of bonds, of the project for which the assent was obtained unless such purpose is changed as provided in this subpart. Otherwise, the proceeds shall be kept invested and used for the retirement at maturity, or earlier call date, of the fifth or any subsequent stated maturity of the relevant series of bonds or notes unless the proceeds were previously used to purchase the bonds or notes in the open market or upon tenders at prices not exceeding the principal amount thereof plus accrued and unpaid interest to the date of purchase.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 53 - MUNICIPALITIES GENERALLY › Chapter 80 - General Provisions › Section 8049 - Manner of changing purpose of electoral debt

§ 8049. Manner of changing purpose of electoral debt.
If the governing body determines it to be advisable either before or after the issue of bonds or notes to use the proceeds or any part thereof of bonds or notes evidencing electoral debt for any purpose other than the project approved by the electors or the payment or prior redemption or purchase of bonds or notes evidencing debt incurred for the project, the governing body shall by resolution express its desire to do so, specifying the project for which the funds are proposed to be used, and shall provide for an election to be held in like manner, time and place as provided in this subchapter for elections to secure the assent of the electors to the increase of debt, except that the notice of the election shall state:
(1) The date on which such election is to be held.
(2) The date and amount of money theretofore borrowed and the project for which borrowed.
(3) The amount of money remaining unused.
(4) The new purpose for which the local government unit desires to make use of the money.
(5) The reason why the money is not being used for the purpose for which it was borrowed.
(6) The question to be submitted to the electors, which shall be substantially in the following form:
Shall the sum of (insert amount) dollars heretofore borrowed or authorized to be borrowed by this local government unit for the purpose of (state purpose) be used for the purpose of (state purpose)?
The election shall be conducted, return made thereon, notices of election published and certificates filed and recorded as provided in section 8043 (relating to conduct of election). If it appears that a majority of those voting on the question have voted in favor of using the funds for the changed purpose, irrespective of any other statute requiring a greater percentage, the funds specified may be used for the changed purpose.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 53 - MUNICIPALITIES GENERALLY › Chapter 81 - Incurring Debt and Issuing Bonds and Notes › Extra - Chapter Notes

Enactment.
Chapter 81 was added December 19, 1996, P.L.1158, No.177, effective 60 days.
Cross References.
Subchapter A is referred to in section 8109 of this title.
Cross References.
Subchapter B is referred to in sections 8211, 8223, 8262, 8283 of this title.
Cross References.
Subchapter C is referred to in sections 8046, 8103, 8109 of this title.
Cross References.
Subchapter D is referred to in sections 8103, 8109, 8127 of this title.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 53 - MUNICIPALITIES GENERALLY › Chapter 81 - Incurring Debt and Issuing Bonds and Notes › Section 8101 - Combining projects for financing or series of bonds or notes for sale

§ 8101. Combining projects for financing or series of bonds or notes for sale.
The governing body of a local government unit may by ordinance take any of the following actions in connection with the issuance of bonds or notes or the authorization of the instrument creating lease rental debt:
(1) In lieu of combining two or more items or elements permitted to be combined under the definition of "project" in section 8002 (relating to definitions) as a single project, designate any one or more of the items or elements as a project and combine the projects for financing purposes by one series of bonds or notes. If the series of bonds or notes are revenue bonds or notes, all projects so combined shall be revenue-producing projects, all or a portion of the rates, rentals, receipts, tolls and charges may be combined, common reserve funds may be created and common or cross covenants may be made in respect of each project.
(2) Offer for simultaneous sale under separate or combined bids any two or more series of bonds or notes of any type.
(3) Provide for the financing of a project or projects by the issuance, either simultaneously or in succession, of any combination of instruments evidencing debt applicable to the project or projects and authorized by this subpart.
Any ordinance required by this section may be included in any authorizing ordinance required by section 8103 (relating to ordinance authorizing issuance of bonds or notes or instruments evidencing lease rental debt).
(May 5, 1998, P.L.301, No.50, eff. 60 days)
Cross References.
Section 8101 is referred to in section 8142 of this title.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 53 - MUNICIPALITIES GENERALLY › Chapter 81 - Incurring Debt and Issuing Bonds and Notes › Section 8102 - Preliminary authorizations as to financing

§ 8102. Preliminary authorizations as to financing.
The governing body of a local government unit may express its intent to evidence debt as electoral debt, nonelectoral debt or lease rental debt. Action may be taken either by resolution, which may also provide for the submission of proposals to purchase any bonds or notes, or by ordinance. But neither bonds or notes nor lease, guaranty, subsidy contract or other agreement evidencing lease rental debt shall be authorized other than by the enactment of any ordinances required by this subchapter or, in the case of notes issued under section 8109 (relating to small borrowing for capital purposes), other than by adoption of the resolution required under section 8109.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 53 - MUNICIPALITIES GENERALLY › Chapter 81 - Incurring Debt and Issuing Bonds and Notes › Section 8104 - Covenant to pay bonds or notes or a guaranty

§ 8104. Covenant to pay bonds or notes or a guaranty.
(a) General rule.--
The local government unit shall, in the ordinance authorizing the issue of bonds or notes or a guaranty or in such bonds or notes, or in the trust indenture securing the same, or in the instrument of guaranty, covenant with the holders from time to time of the bonds or notes or guaranteed bonds or notes, and of the coupons thereto appertaining, that the local government unit shall do the following:
(1) Include the amount of the debt service, or the amounts payable in respect of its guaranty, in each case specified in the covenant, for each fiscal year in which the sums are payable in its budget for that year.
(2) Appropriate those amounts from its general or specially pledged revenues, as the case may be, for the payment of the debt service or guaranty.
(3) Duly and punctually pay or cause to be paid from its sinking fund or any other of its revenues or funds the principal of and interest on every bond or note or, to the extent of its obligation, the amount payable in respect of the guaranty, at the dates and places and in the manner stated in the bonds and in the coupons thereto appertaining or in the guaranty, according to the true intent and meaning thereof.
(b) Obligation of government unit.--
For budgeting, appropriation and payment in respect of its general obligation bonds or notes, its guaranteed revenue bonds or notes or its guaranty of the bonds or notes of an authority or other local government unit, the local government unit shall pledge its full faith, credit and taxing power unless a guaranty is limited to specified revenues of the guarantor. Nothing in the covenant shall obligate the local government unit to budget, appropriate or make any payments on limited guaranteed revenue bonds or on a limited guaranty of bonds or notes of any authority or other local government unit beyond the stated terms of its guaranty. The covenant shall be specifically enforceable. This section does not give any local government unit any taxing power not granted by another provision of law.
Cross References.
Section 8104 is referred to in sections 8002, 8103 of this title.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 53 - MUNICIPALITIES GENERALLY › Chapter 81 - Incurring Debt and Issuing Bonds and Notes › Section 8105 - Additional provisions in ordinance authorizing issuance of revenue or guaranteed revenue bonds or notes

§ 8105. Additional provisions in ordinance authorizing issuance of revenue or guaranteed revenue bonds or notes.
In addition to the provisions required or permitted by sections 8103 (relating to ordinance authorizing issuance of bonds or notes or instruments evidencing lease rental debt), 8147 (relating to pledge of revenues) and 8148 (relating to deeds of trust and other agreements with bondholders and noteholders), the ordinance authorizing the issuance of revenue bonds or notes or guaranteed revenue bonds or notes may also contain the following:
(1) Covenants or provisions with respect to the collection, custody, investment and disbursement of rents, revenues, rates and charges for the use of the project as may be desired.
(2) Covenants as to the fixing and collection of rents, rates and charges for the use of the project as may be desired and deemed necessary for the lawful security of the holders of the bonds or notes, except that no covenant and no agreement with the holders of bonds or notes shall require an increase in the rents, rates, tolls and charges to a level which, in the opinion of the registered professional engineer advising the local government unit, will result in a decrease in gross revenues over what would have been received at a somewhat lower rate level.
(3) Provisions granting a security interest in the rents, revenues, rates, tolls and charges for the security and benefit of the holders of the notes, bonds and coupons.
(4) Provisions creating such reserve funds or accounts as deemed desirable for the future security of the notes, bonds and coupons and requiring the observance of such covenants on the part of the local government unit deemed necessary or desirable for the protection of the holders of the notes, bonds and coupons or for the maintenance and preservation of the project.
(5) Authorization to the proper officers of the local government unit to execute and deliver any trust indenture containing any other, further and lawful provisions desired.
(May 5, 1998, P.L.301, No.50, eff. 60 days)
1998 Amendment.
Act 50 amended the intro. par.
Cross References.
Section 8105 is referred to in section 8103 of this title.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 53 - MUNICIPALITIES GENERALLY › Chapter 81 - Incurring Debt and Issuing Bonds and Notes › Section 8106 - Sinking fund depository and trustee for bondholders or noteholders

§ 8106. Sinking fund depository and trustee for bondholders or noteholders.
(a) General rule.--
Every local government unit issuing bonds or notes other than notes issued under section 8109 (relating to small borrowing for capital purposes) shall appoint a sinking fund depository which may also serve as paying agent for the bonds or notes. The sinking fund depository shall be a bank or bank and trust company authorized to do business in this Commonwealth and may serve as one for one or more series of bonds or notes. Funds, which may include interest accrued and to accrue on lawful investments, in an amount sufficient for the payment of the principal of and the interest on the bonds or notes shall be deposited with the sinking fund depository not later than the date fixed for the disbursement thereof unless the ordinance authorizing the issuance of the bonds or notes requires that the deposits be made on an earlier date or on earlier dates.
(b) Fiscal agent or trustee.--
If the ordinance authorizing the issuance of the bonds or notes provides for a fiscal agent or authorizes the execution of a trust indenture appointing a trustee, the fiscal agent or trustee shall also be the sinking fund depository.
(c) Remedy for failure to make deposit.--
If the local government unit shall fail or refuse to make any required deposit in the sinking fund, the sinking fund depository, the fiscal agent or the trustee, as the case may be, may and, upon request of the holders of 25% in principal amount of the outstanding notes and bonds and upon being indemnified against cost and expense, shall exercise any remedy provided in this subpart or at law or in equity for the equal and ratable benefit of the holders of the outstanding notes, bonds and coupons and shall disburse all funds so collected equally and ratably to the holders of the notes, bonds and coupons as provided in the ordinance authorizing the bonds, subject to any limitations contained in Subchapter D of Chapter 82 (relating to remedies).
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 53 - MUNICIPALITIES GENERALLY › Chapter 81 - Incurring Debt and Issuing Bonds and Notes › Section 8107 - Award of bonds or notes

§ 8107. Award of bonds or notes.
When an acceptable proposal for the purchase of the bonds or notes, or any part thereof offered separately, has been received and is in conformity with the terms of the official invitation for proposals or is an acceptable proposal at a negotiated or invited sale, and is in compliance with the provisions of this subpart, it may be accepted by resolution or by ordinance. If the acceptance is made by resolution, the acceptance shall be conditional upon compliance with section 8103 (relating to ordinance authorizing issuance of bonds or notes or instruments evidencing lease rental debt). If the acceptance is made by ordinance, the ordinance shall also fix any details of the series of bonds or notes being sold, not fixed by prior ordinance, and award the bonds or notes, or those which have been sold, to specified purchasers at prices specified in the ordinance. These provisions may be included in the ordinance adopted pursuant to section 8103. Notwithstanding any other provision of this subpart or of any other statute, as between the local government unit and the purchasers, an awarding resolution or ordinance shall be effective upon its final adoption or enactment by the governing body. The advertisement of the ordinance prior to enactment shall be sufficient if it describes the items to be completed from the proposal.
(May 5, 1998, P.L.301, No.50, eff. 60 days)
Cross References.
Section 8107 is referred to in sections 8103, 8109 of this title.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 53 - MUNICIPALITIES GENERALLY › Chapter 81 - Incurring Debt and Issuing Bonds and Notes › Section 8108 - Bond anticipation notes

§ 8108. Bond anticipation notes.
(a) Issuance.--
The governing body may evidence all or part of any electoral or nonelectoral debt by the issue of a series of bond anticipation notes. These notes shall be payable by exchange for or out of the proceeds of the sale of a designated series of bonds referred to in the bond anticipation notes. The reference to the bonds shall specify a maximum rate of interest to be borne by the series of bonds and provide that the series shall be offered for sale but, if no proposals are received, the sole remedy of the holders of the bond anticipation notes shall be either to accept the bonds at the specified maximum interest rate or to extend the maturity of the bond anticipation notes for one or more specified additional periods of not less than six months each during which time additional offers of the bonds may be made.
(b) Procedure.--
Bond anticipation notes may be authorized, issued and sold in the same manner as the bonds in anticipation whereof the notes are being issued and principal amounts thereof shall be retired in accordance with the specified stated maturity dates of the bonds occurring prior to the refunding of the notes.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 53 - MUNICIPALITIES GENERALLY › Chapter 81 - Incurring Debt and Issuing Bonds and Notes › Section 8109 - Small borrowing for capital purposes

§ 8109. Small borrowing for capital purposes.
(a) General rule.--
Any local government unit may incur debt by resolution rather than by ordinance to be evidenced by notes to provide funds for a project as defined in this subpart without complying with the requirements of Subchapter A of Chapter 82 (relating to Department of Community and Economic Development) if:
(1) The aggregate amount of the debt outstanding at any one time shall not exceed the lesser of $125,000 or 30% of the nonelectoral debt limit as authorized in section 8022(a) (relating to limitations on incurring of other debt).
(2) The principal of each debt shall mature not later than five years from the date of issuance.
(3) The incurrence of the debt shall not cause the debt limits of Subchapter B of Chapter 80 (relating to limitations on debt of local government units) to be exceeded.
(4) The provisions of section 10 of Article IX of the Constitution of Pennsylvania shall have been observed.
(5) The provisions of section 8208 (relating to invalidity of instruments which are delivered without compliance with requirements or conditions precedent to issuance or delivery) shall apply to notes issued in violation of the requirements of this subsection.
(b) Applicability of other provisions.--
Except as otherwise specifically stated in this section or in Subchapters A (relating to general provisions), C (relating to provisions of bonds and notes) and D (relating to sale of bonds and notes), the provisions of Subchapter A applicable to ordinances authorizing general obligation bonds or notes and the provisions of Subchapters C and D applicable to general obligation bonds or notes shall apply, respectively, to resolutions authorizing notes and to the notes authorized under this section.
(c) Sale of notes.--
Notes authorized under this section may be sold, without formal documents of sale, by delivery of the notes upon receipt of the purchase price, or, at the option of the local government unit, they may be sold in compliance with section 8107 (relating to award of bonds or notes), in which event the term "ordinance" in section 8107 shall have reference to the authorizing resolution required by this section.
(d) Refunding notes.--
Refunding notes may be issued in compliance with this section and with the provisions of Subchapter C of Chapter 82 (relating to refunding of debt) for the purpose of refunding notes previously issued under this section, provided that the maturity of the refunding notes shall not extend beyond five years from the date of issuance of the notes originally evidencing the debt refunded.
(May 5, 1998, P.L.301, No.50, eff. 60 days)
1998 Amendment.
Act 50 amended subsec. (a) intro. par. and (1).
Cross References.
Section 8109 is referred to in sections 8002, 8102, 8103, 8106, 8110, 8111, 8166, 8201, 8208, 8211, 8221, 8227 of this title.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 53 - MUNICIPALITIES GENERALLY › Chapter 81 - Incurring Debt and Issuing Bonds and Notes › Section 8110 - Debt statement

§ 8110. Debt statement.
(a) General rule.--
Before delivering any general obligation bonds or notes or guaranteed revenue bonds or notes constituting nonelectoral debt or before executing an instrument evidencing lease rental debt, the officer or officers of a local government unit shall prepare and verify under oath a debt statement as of a date not more than 60 days before the filing with the department or, in the case of notes issued under section 8109 (relating to small borrowing for capital purposes), before the final adoption of the resolution authorizing their issue, showing:
(1) The gross indebtedness of the local government unit, giving prospective effect to the provisions of section 8250(b) (relating to use of proceeds of refunding bonds and when refunded bonds are no longer deemed outstanding) if debt is to be refunded.
(2) By items, the claimed credits and exclusions from the gross indebtedness permitted by this subpart in determining net debt.
(3) The aggregate principal amount of the bonds or notes being issued or evidencing lease rental debt.
(4) The borrowing base of the local government unit as shown by an appended borrowing base certificate.
(5) The applicable nonelectoral debt limit and the limit for nonelectoral plus lease rental debt computed as provided in this subpart.
(6) In the case of a refunding, the principal amount of bonds or notes which will no longer be deemed to be outstanding pursuant to section 8250(b) after settlement of the issue.
(b) Previously excluded self-liquidating or subsidized debt.--
Where debt has previously been excluded as self-liquidating or subsidized debt, the debt statement shall be accompanied by a certification that no decrease in the amounts to be excluded is required by any change of circumstances or, if there has been a change, other than decreases resulting from the payments of bonds or notes, so that less debt is to be excluded. If it has become possible to exclude a greater amount of debt and the local government unit desires to do so, the debt statement shall be accompanied by appropriate certificates supporting the revised amount to be excluded, and a revised approval shall be obtained from the department.
Cross References.
Section 8110 is referred to in sections 8026, 8103, 8111 of this title.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 53 - MUNICIPALITIES GENERALLY › Chapter 81 - Incurring Debt and Issuing Bonds and Notes › Section 8111 - Submission to department

§ 8111. Submission to department.
(a) General rule.--
Before delivering any bonds or notes other than notes representing small borrowings issued under section 8109 (relating to small borrowing for capital purposes), the local government unit shall apply for and receive or be deemed to have received the approval of the department under section 8204 (relating to certificate of approval of transcript) or 8206 (relating to effect of failure of timely action by department). The application, in such form as the department prescribes, shall be accompanied by a transcript of the proceedings consisting of certified copies of any of the following, not previously filed, which are applicable:
(1) The ordinance calling the election in the case of electoral debt with proofs of all proper advertisements.
(2) The return of election.
(3) The ordinance or ordinances authorizing the bonds or notes with proofs of proper publication.
(4) The accepted proposal for the purchase of the bonds or notes.
(5) The ordinance or resolution awarding the bonds or notes with proofs of proper publication of the ordinance.
(6) The debt statement if required by section 8110 (relating to debt statement) prepared pursuant thereto.
(7) Any certificates and proofs that may be necessary for the exclusion of any portion of the series proposed to be delivered or any prior series as self-liquidating debt or subsidized debt if the exclusion is desired by the local government unit.
(b) Lease rental debt submissions.--
Before becoming bound on any lease, guaranty, subsidy contract or other agreement evidencing lease rental debt, a local government unit shall apply for and receive or be deemed to have received the approval of the department under section 8204 or 8206. The application, in a form the department prescribes, shall be accompanied by certified copies of the following:
(1) The ordinance authorizing the execution of the lease, guaranty, subsidy contract or other agreement with proofs of proper publication.
(2) The debt statement prepared pursuant to section 8110.
(c) Validity of lease rental debt agreements.--
No lease, guaranty, subsidy contract or other agreement evidencing lease rental debt executed and delivered after July 12, 1972, and prior to the approval pursuant to section 8204 or 8206 of the department shall be valid or obligatory. Except as reference is made in this subpart to lease rental debt, this subpart shall have no application to the authorization, issue or sale of its obligations by any authority.
(d) Number of counterparts.--
The application may be made in as many counterparts as desired. The department, if it approves the application, shall return all counterparts, except one, with its certificate of approval appended to each.
Cross References.
Section 8111 is referred to in section 8201 of this title.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 53 - MUNICIPALITIES GENERALLY › Chapter 81 - Incurring Debt and Issuing Bonds and Notes › Section 8112 - Agreements with bondholders or noteholders

§ 8112. Agreements with bondholders or noteholders.
Except as otherwise specified in this subpart, a local government unit may enter into and perform contracts with the holders of its bonds or notes, binding upon the original purchasers and their respective transferees, placing greater reasonable and lawful restrictions on the local government unit or on the action of individual holders of bonds or notes than are provided in this subpart, but no additional agreement restricting the action of a holder of a bond or note shall be binding upon a remote holder of a bond or note unless the substance of the agreement is set forth in the text of the bond or note, or set forth in a bond resolution or indenture of trust which is kept available in one or more designated public offices and to all of which a reference is made in the text of the bond or note.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 53 - MUNICIPALITIES GENERALLY › Chapter 81 - Incurring Debt and Issuing Bonds and Notes › Section 8113 - Lost, stolen, destroyed or mutilated bonds or notes

§ 8113. Lost, stolen, destroyed or mutilated bonds or notes.
(a) General rule.--
If any temporary or definitive bond or note, including any tax anticipation note, lawfully issued under this subpart or under applicable law prior to July 12, 1972, becomes mutilated or is destroyed, stolen or lost, the local government unit shall execute, and any sinking fund depository, fiscal agent or trustee for bondholders shall, if required, authenticate and deliver a new bond or note, with appropriate coupons attached in the case of a bond or note in coupon form, of like series and principal amount as the bond or note and attached coupons, if any, so mutilated, destroyed, stolen or lost, upon surrender and cancellation of the mutilated bond or note and attached coupons, if any, or in lieu of and in substitution for the bond or note and coupons, if any, destroyed, stolen or lost.
(b) Procedure.--
The local government unit shall proceed as required under subsection (a) upon filing with the local government unit or, if so provided in the bond ordinance, with the sinking fund depository, fiscal agent or trustee, evidence satisfactory to it that the bond or note and attached coupons, if any, have been destroyed, stolen or lost and proof of ownership thereof and upon furnishing of satisfactory indemnity and complying with such other reasonable regulations as the local government unit shall prescribe and paying any reasonable expenses, including counsel fees, as the local government unit or the sinking fund depository, fiscal agent or trustee may incur. Mutilated bonds or notes and appurtenant coupons, if any, surrendered shall be canceled.
(c) Status of replacement bonds and notes.--
The new bonds or notes and coupons, if any, so issued shall be independent obligations and all limitations and debt limits shall be deemed increased to the extent necessary to validate the new bonds or notes and any appurtenant coupons.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 53 - MUNICIPALITIES GENERALLY › Chapter 81 - Incurring Debt and Issuing Bonds and Notes › Section 8115 - Contractual effect of ordinances and resolutions

§ 8115. Contractual effect of ordinances and resolutions.
Except as otherwise provided in any ordinance or resolution authorizing or awarding bonds or notes or tax anticipation notes, the terms thereof and of this subpart as in effect when the bonds or notes were authorized shall constitute a contract between the local government unit and the holders from time to time of the bonds and notes subject to modification by the vote of a majority of the holders or such larger portion thereof as may be provided in the bond or note.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 53 - MUNICIPALITIES GENERALLY › Chapter 81 - Incurring Debt and Issuing Bonds and Notes › Section 8116 - Unfunded actuarial accrued liability - condition precedent (Repealed)

§ 8116. Unfunded actuarial accrued liability - condition precedent (Repealed).
2016 Repeal.
Section 8116 was repealed July 20, 2016, P.L.849, No.100, effective August 1, 2016.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 53 - MUNICIPALITIES GENERALLY › Chapter 81 - Incurring Debt and Issuing Bonds and Notes › Section 8121 - Power to issue tax anticipation notes

§ 8121. Power to issue tax anticipation notes.
A local government unit may have power and authority, by resolution of its governing body, to borrow money from time to time in any fiscal year in anticipation of the receipt of current taxes or current revenues, or both, to evidence the obligation by notes, appropriately designated, and to authorize, issue and sell the notes in the manner and subject to the limitations provided therefor in this subchapter. References in this subpart to tax anticipation notes include also revenue anticipation notes and tax and revenue anticipation notes. Limitations imposed by this subpart on the incurring of nonelectoral debt shall not apply to the obligations evidenced by tax anticipation notes. The power to borrow from time to time shall include the power to make a single authorization and then issue and sell portions of that amount of authorized notes whenever desired during the fiscal year.
Cross References.
Section 8121 is referred to in section 8201 of this title.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 53 - MUNICIPALITIES GENERALLY › Chapter 81 - Incurring Debt and Issuing Bonds and Notes › Section 8122 - Limitation on amount of tax anticipation notes

§ 8122. Limitation on amount of tax anticipation notes.
(a) General rule.--
No local government unit shall authorize or issue tax anticipation notes in any one fiscal year which in the aggregate shall exceed 85% of:
(1) In the case of notes solely payable from and secured by a pledge of taxes, the amount of the taxes levied for the current fiscal year.
(2) In the case of notes solely payable from and secured by a pledge of revenues other than tax revenues, the amount of the revenues pledged.
(3) In the case of notes payable from and secured by a pledge of taxes and other revenues, the sum of the taxes levied and the revenues pledged.
The taxes or revenues or both shall be certified, pursuant to section 8126 (relating to certification as to taxes and revenues to be collected), as remaining to be collected or received in the fiscal year during the period when the notes will be outstanding. The certificate shall be as of a date not more than 30 days prior to and no later than the date of the vote on the resolution authorizing the issue and sale of the tax anticipation notes.
(b) Computation of notes outstanding.--
In computing the aggregate amount of tax anticipation notes outstanding at any given time during the fiscal year for the purpose of the limitation imposed by this section, allowance shall be made for notes that have already been fully paid and for amounts already paid into appropriate sinking funds, if any.
Cross References.
Section 8122 is referred to in section 8127 of this title.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 53 - MUNICIPALITIES GENERALLY › Chapter 81 - Incurring Debt and Issuing Bonds and Notes › Section 8123 - Maturity date and time of payment of interest

§ 8123. Maturity date and time of payment of interest.
No tax anticipation notes shall be stated to mature beyond the last day of the fiscal year in which the tax anticipation notes are issued. Interest on tax anticipation notes from the date thereof shall be payable at the maturity of the notes or payable in installments at such earlier dates and at such annual rate or rates determined by the governing body of the local government unit.
Cross References.
Section 8123 is referred to in section 8124 of this title.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 53 - MUNICIPALITIES GENERALLY › Chapter 81 - Incurring Debt and Issuing Bonds and Notes › Section 8124 - Other terms of tax anticipation notes

§ 8124. Other terms of tax anticipation notes.
Tax anticipation notes shall be issued in denominations, shall be subject to rights of prior redemption, shall have privileges of interchange and registration, shall be dated, shall be stated to mature, subject to the provisions of section 8123 (relating to maturity date and time of payment of interest), on dates and in amounts, shall be in registered or bearer form with or without coupons, shall be payable in such coin or currency as at the place and at the time of payment is legal tender for the payment of public and private debts and shall be payable at any place or places, one of which shall be in this Commonwealth, all as the governing body of the issuing local government unit may determine by resolution.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 53 - MUNICIPALITIES GENERALLY › Chapter 81 - Incurring Debt and Issuing Bonds and Notes › Section 8126 - Certification as to taxes and revenues to be collected

§ 8126. Certification as to taxes and revenues to be collected.
Prior to each authorization of tax anticipation notes, authorized officers of the local government unit shall make an estimate of the moneys to be received during the period when the notes will be outstanding from taxes then levied and assessed and revenues, including subsidies or reimbursements to be received. The estimate shall take due account of the past and anticipated collection experience of the local government unit and of current economic conditions. The estimate shall be certified by the officers and their written certificate dated not more than 30 days prior to the date of the authorization of the notes and filed with the proceedings authorizing the tax anticipation notes with the department.
Cross References.
Section 8126 is referred to in sections 8122, 8201, 8208, 8211 of this title.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 53 - MUNICIPALITIES GENERALLY › Chapter 81 - Incurring Debt and Issuing Bonds and Notes › Section 8127 - Sale of tax anticipation notes

§ 8127. Sale of tax anticipation notes.
Tax anticipation notes may be sold at public, private or invited sale as the governing body of the local government unit may determine. Any public sale shall be advertised and conducted in the manner and subject to the conditions provided for a public sale of bonds in Subchapter D (relating to sale of bonds and notes), except as modified by this subchapter. The governing body of the local government unit shall award the notes by resolution to specified purchasers at a specified price not less than the principal amount. At the time of delivery of each issue, series or subseries of tax anticipation notes, authorized officers of the local government unit shall certify to the original purchasers that the amount of all such notes to remain outstanding will not exceed the limitations of section 8122 (relating to limitation on amount of tax anticipation notes) calculated, however, from the date of the certificate to the respective maturity dates of all the notes to remain outstanding. The certificate need not be filed with the department, but a copy of it shall be retained by the local government unit until all tax anticipation notes issued during the fiscal year have been paid in full.
Cross References.
Section 8127 is referred to in section 8208 of this title.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 53 - MUNICIPALITIES GENERALLY › Chapter 81 - Incurring Debt and Issuing Bonds and Notes › Section 8128 - Condition precedent to validity of tax anticipation notes

§ 8128. Condition precedent to validity of tax anticipation notes.
No tax anticipation note shall be valid or obligatory in the hands of an original purchaser until certified copies of the authorizing and awarding resolution, the certificate as to the taxes and revenues remaining to be collected and a true copy of the accepted proposal for the purchase of the tax anticipation notes shall have been filed with the department. No approval by the department shall be required.
Cross References.
Section 8128 is referred to in sections 8201, 8208, 8209 of this title.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 53 - MUNICIPALITIES GENERALLY › Chapter 81 - Incurring Debt and Issuing Bonds and Notes › Section 8129 - Scope of unfunded debt

§ 8129. Scope of unfunded debt.
For the purpose of this subchapter, "unfunded debt" means obligations of the same or one or more prior years incurred for current expenses, including tax anticipation notes and payments, including termination payments, required to be made under qualified interest rate management agreements, due and owing or judgments against the local government unit entered by a court after adversary proceedings, including a judgment under section 8283(b)(2)(i) (relating to remedies), for the payment of either of which category the taxes and other revenues remaining to be collected in the fiscal year and funds on hand will not be sufficient without a curtailment of municipal services to an extent endangering the health or safety of the public or proper public education, and the local government unit either may not legally levy a sufficient tax for the balance of the fiscal year, or a sufficient tax, if legally leviable, would not be in the public interest. Unfunded debt does not, however, include debt incurred under this subpart or obligations in respect of a project or part of a project as incurred in respect of the cost of a project.
(Sept. 24, 2003, P.L.110, No.23, eff. imd.)
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 53 - MUNICIPALITIES GENERALLY › Chapter 81 - Incurring Debt and Issuing Bonds and Notes › Section 8130 - Approval by court to fund unfunded debt

§ 8130. Approval by court to fund unfunded debt.
(a) General rule.--
Whenever the governing body of a local government unit shall be of the opinion that it has outstanding unfunded debt, it may, by petition to the court of common pleas setting forth the facts, request approval for the issuance of bonds or notes to fund the unfunded debt. After hearing, on such notice to the local government unit and its taxpayers as the court may prescribe, the court shall make an order granting authority to fund all or a part of the unfunded debt if the court finds that the unfunded debt is a lawful obligation of the local government unit; that there has been an unforeseeable decline in revenues or that taxes levied have not produced the revenues anticipated or that it was not reasonable to foresee the obligation; that paying the debt by curtailing municipal services will be dangerous to the public health, safety or education; and that it is not feasible or not in the public interest to levy additional taxes in the current fiscal year. The funding debt so approved shall be stated to mature in the amounts and over the number of years, not exceeding ten, as the court finds will accomplish the payment of the debt without endangering the rendering of municipal services or requiring the levying of excessive taxes. If the funding of the unfunded debt has not been approved by a vote of the electors, the order of the court upon cause shown may fix the portion, if any, which shall not be charged against the nonelectoral debt limitations of the local government unit under sections 8022 (relating to limitations on incurring of other debt) and 8125 (relating to security for tax anticipation notes and sinking fund) during the time the funding debt is outstanding.
(b) Issuance and sale of bonds or notes.--
The bonds or notes representing funding debt so authorized by the court shall be issued and sold by the governing body as provided by other provisions of this subpart in respect of general obligation bonds except as these provisions are modified by this section or by orders of the court issued under this section, and the proceedings filed by the local government unit in respect of the funding bonds under section 8201 (relating to certification to department of bond or note transcript or lease, guaranty, subsidy contract or other agreement) shall include certified copies of the petition and of the order of the court.
(c) Applicability.--
This section shall not apply to the funding of obligations in respect of a project or part of a project or incurred in respect of the cost of a project.
Cross References.
Section 8130 is referred to in section 8247 of this title.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 53 - MUNICIPALITIES GENERALLY › Chapter 81 - Incurring Debt and Issuing Bonds and Notes › Section 8141 - Form of bonds or notes

§ 8141. Form of bonds or notes.
Bonds or notes may be issued in such denominations, in coupon form payable to bearer or registrable as to principal or in fully registered form, with such provisions for exchangeability and interchangeability; shall bear such identifying designation or title, including words indicating whether the bonds or notes are general obligation, revenue, guaranteed revenue or limited guaranty revenue bonds or notes; shall be dated; shall bear such rate or rates of interest, including supplemental, contingent or variable interest, but, if contingent or variable interest is specified, a maximum rate or amount shall also be specified; shall be payable on those dates; may be subject to such provisions for prior redemption in whole or in part or both, at such price or prices and at such times; shall be stated to mature or may be payable in installments on a date or dates and in such amounts; may provide for the payment by the issuer of such tax or taxes on the bonds or notes, either absolutely or out of pledged revenues; and may provide for such pledge of revenues, the establishment of such reserves and other terms, as the governing body of the issuing local government unit may determine by ordinance or ordinances adopted prior to the delivery of the bonds or notes, subject to the limitations and restrictions specified in this subpart.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 53 - MUNICIPALITIES GENERALLY › Chapter 81 - Incurring Debt and Issuing Bonds and Notes › Section 8143 - Disposition of proceeds notwithstanding certain limitations

§ 8143. Disposition of proceeds notwithstanding certain limitations.
A local government unit which issues bonds or notes to fund an unfunded actuarial accrued liability shall contribute to the applicable pension trust fund the proceeds of the bonds or notes, after deduction of costs of issuance, underwriter's discount and original issue discount, notwithstanding that the contribution may exceed a limitation on contributions to retirement systems, pension plans or pension trust funds otherwise applicable to the local government unit.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 53 - MUNICIPALITIES GENERALLY › Chapter 81 - Incurring Debt and Issuing Bonds and Notes › Section 8144 - Number of interest rates

§ 8144. Number of interest rates.
A series of bonds or notes may have any number of interest rates or yields, subject to any limitation on such number fixed by the governing body of the issuing local government unit, but, unless further limited by the issuing local government unit in the official notice of sale, no yield for any stated maturity date in the last two-thirds of the period of the series may be less than that stated for the immediately preceding year which falls within the last two-thirds period.
(Sept. 24, 2003, P.L.110, No.23, eff. imd.)
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 53 - MUNICIPALITIES GENERALLY › Chapter 81 - Incurring Debt and Issuing Bonds and Notes › Section 8145 - Place and medium of payment

§ 8145. Place and medium of payment.
Bonds or notes shall be payable in such coin or currency as at the respective dates of payment thereof shall be legal tender for the payment of public and private debts at the place or places of payment. Both principal and interest shall be payable at the place or places determined by the local government unit. If more than one place of payment is specified, one or more of the additional places of payment may be outside of this Commonwealth or outside of the United States.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 53 - MUNICIPALITIES GENERALLY › Chapter 81 - Incurring Debt and Issuing Bonds and Notes › Section 8146 - Execution of bonds or notes

§ 8146. Execution of bonds or notes.
Bonds or notes, including tax anticipation notes, shall be signed by such officers of the local government unit, and coupon bonds shall have attached thereto interest coupons bearing the facsimile signature of such officer of the local government unit, and the bonds or notes may be sealed with the seal of the local government unit or a facsimile thereof, all as may be determined by the governing body. Bonds or notes may provide that they are not valid or enforceable unless authenticated by a specified bank, bank and trust company or trust company. If any one signature on a bond or note, including the signature of the authenticating party, is manual, all other signatures may be by facsimile. If any officer whose signature or a facsimile of whose signature appears on any notes, bonds or coupons ceases to be such officer before the delivery of the notes or bonds, the signature or the facsimile shall nevertheless be valid and sufficient for all purposes as if he had remained in office until delivery. Any note, bond or coupon may bear the facsimile signature of or may be signed by those persons as at the actual time of the execution of the note, bond or coupon were the proper officers to sign although at the date of the instrument these persons may not be such officers.