(a) Purposes.--An authority created under this subchapter shall be a public body, corporate and politic, exercising public powers of the Commonwealth as an agency and instrumentality and shall be for the purpose by itself or by agreement in cooperation with others, of acquiring, holding, developing, designing, constructing, improving, maintaining, managing, operating, financing, furnishing, fixturing, equipping, repairing, leasing or subleasing, either in the capacity of lessor or lessee or sublessor or sublessee, and owning convention centers or parts of convention centers. The convention centers shall not be required to comprise a single, integrated complex but may be located at one or more locations within the county and may function independently of one another.
(b) Powers.--The authority is granted all powers necessary or convenient for carrying out the purposes in subsection (a), including, without limiting the generality of the foregoing, the right and power to:
(1) Have continuing succession.
(2) Sue and be sued, implead and be impleaded, complain and defend in all courts.
(3) Adopt, use and alter at will a corporate seal.
(4) Acquire by gift or otherwise purchase, hold, receive, lease, sublease and use a license, franchise or property, real, personal or mixed, tangible or intangible, or any interest therein, including convention center facilities, or parts thereof, and to assume any obligations associated therewith, including leases, concession agreements, indebtedness and other contractual obligations which the authority deems necessary to accomplish the purpose of this subchapter.
(5) Sell, transfer or dispose of property or an interest in the property with adequate and fair consideration.
(6) Acquire, hold, develop, design, construct, improve, maintain, manage, operate, furnish, fixture, equip, repair, own, lease or sublease convention centers, or parts of convention centers, and to make, enter into and award contracts with any person, association, partnership or corporation for the development, design, financing, construction, improvement, maintenance, operation, management, furnishing, fixturing, equipping and repair of convention centers or parts of convention centers.
(7) Make bylaws for the management and regulation of authority affairs and issue rules, regulations and policies in connection with the performance of its functions and duties.
(8) Appoint officers, agents, employees and servants to prescribe their duties and to fix compensation.
(9) Fix, alter, charge and collect rentals, admissions, license fees and other charges.
(10) Do the following:
(i) Borrow money for the purpose of paying the costs of a project and to evidence the same.
(ii) Make and issue negotiable bonds of the authority.
(iii) Secure payment of the bonds or any part of a bond, by pledge or deed of trust of authority revenues, including any hotel room rental tax, rentals, receipts and contract rights.
(iv) Make agreements with the purchasers or holders of the bonds or with other obligees of the authority in connection with the bonds, whether issued or to be issued, as the authority shall deem advisable, which agreements shall constitute contracts with the holders or purchasers.
(v) Obtain credit enhancement or liquidity facilities in connection with the bonds as the authority determines advantageous.
(vi) In general, provide for the security of the bonds and the rights of the bondholders.
(11) Make, enter into and award contracts and to execute all instruments necessary or convenient for the carrying out of its business.
(12) Borrow money and accept grants and to enter into contracts, leases, subleases, licenses or other transactions with a Federal agency, State public body, political subdivision, person, association, partnership or corporation.
(13) Pledge, hypothecate or otherwise encumber authority property, real, personal or mixed, tangible or intangible, and its revenues or receipts, including interest the authority may have in a lease or sublease of convention centers or parts of convention centers.
(14) Procure insurance containing coverages, including insurance covering the timely payment in full of principal of and interest on bonds of the authority, in amounts and from insurers as the authority determines necessary or desirable.
(15) Invest authority money.
(16) Cooperate with a Federal agency, State public body or political subdivision.
(17) Invest money held in reserve or sinking funds or money not required for immediate disbursements as authorized by section 17343(d) (relating to money of authority).
(18) Appoint all officers, agents and employees required for the performance of its duties and compensation and retain or employ other agents or consultants, including architects, auditors, engineers, private legal counsel and private consultants, on a contract basis or otherwise for rendering professional or technical services and advice.
(19) Enroll authority employees in an existing retirement system of the State, county, city or other governmental entity.
(20) Appoint and fix the compensation of chief counsel and assistant counsel to provide the authority with legal assistance, and the authority, through counsel, shall defend actions brought against the authority and authority officers and employees if acting within the scope of official duties.
(21) Maintain an office in the county seat.
(22) Appoint an executive director who shall:
(i) be the chief executive officer of the authority;
(ii) devote his or her full time during business hours to the duties of the office; and
(iii) receive compensation as the board shall determine.
(23) Make grants to the county in accordance with the provisions of subsection (e).
(24) Do all acts and things necessary or convenient for the promotion of its purposes and the general welfare of the authority and to carry out the powers granted to the authority by this subchapter or any other act.
(c) Prohibitions.--The following apply:
(1) The authority shall have no power to pledge the credit or taxing powers of a State public body, a political subdivision or the county, nor shall authority obligations be deemed obligations of any State public body, a political subdivision or the county and a State public body, a political subdivision or the county shall not be liable for the payment of principal or interest on such obligations.
(2) The authority shall have no power of eminent domain.
(d) Affirmative action plan.--The authority shall develop and implement an affirmative action plan to assure that all individuals are accorded equality of opportunity in employment and contracting by the authority and authority contractors, subcontractors, assignees, lessees, agents, vendors and suppliers.
(e) Grants.--The following apply:
(1) The authority shall have the power to make grants to the county for the financial support of regional assets located within the county. Grants made under this subsection shall be included in the capital budget adopted by the authority under section 17336(a) (relating to capital and operating budgets) and may only be made if the authority finds, by resolution adopted by a majority vote of authority members, that the making of such grants shall not adversely affect the short-term or long-term capital, operational or financial needs of the authority or otherwise impair the ability of the authority to meet any contractual or legal obligations of the authority, including obligations owed to bondholders issued by the authority. Grants made under the authority of this paragraph:
(i) may not obligate money of the authority beyond a single fiscal year of the authority;
(ii) shall be payable to the county in a single lump sum or in installments during the fiscal year in question, as determined by the authority; and
(iii) may be rescinded or reduced by the authority if the authority, prior to payment of the grant, determines that the current or projected financial needs of the authority require reduction or rescission of the grant.
(2) Grants received by the county from the authority under paragraph (1) shall be deposited into a segregated account identified as the regional asset fund. The regional asset fund shall be used by the county solely for the purpose of making grants of financial support to regional assets located within the county in accordance with and subject to the limitations of this subsection. Money deposited into the regional asset fund shall be invested only in those types of investments in which a county of the third class may invest general money of the county under applicable law. Earnings on the investments shall become a part of the regional asset fund and may not be used for purposes other than those permitted under this subsection. The county shall not be required to disburse all of the money in the regional asset fund during a particular fiscal year but may accumulate money within the regional asset fund if the county determines that the accumulation of the money, in whole or in part, is appropriate for the effective and efficient long-term funding of regional assets.
(3) The county shall have the authority to make grants of financial support for regional assets from the regional asset fund established under paragraph (2). Grants made by the county from the regional asset fund shall be subject to all of the following terms, conditions and limitations:
(i) grants may only be made to:
(A) political subdivisions located within the county; and
(B) organizations which have been determined by the Internal Revenue Service to be organizations described in section 501(c)(3) of the Internal Revenue Code of 1986 (Public Law 99-514, 26 U.S.C. § 501(c)(3)) or any successor provision of law;
(ii) grants may only be made for the purpose of supporting a specific regional asset located within the county and which is owned by the grantee or for which the grantee has operational and financial responsibility;
(iii) grants may only be made pursuant to written grant agreements and executed by authorized officers of the county and the grantee specifying the terms and conditions of the grant;
(iv) the grant agreement shall describe, with specificity, the purpose for which the grant is being made;
(v) the grant agreement shall set forth other terms and conditions as the county may prescribe, including requirements with respect to matching funds and continued financial support of the grantee for the regional asset with respect to which the grant is being made; and
(vi) no grant may obligate money from the regional asset fund beyond a single 12-month period.
(4) For purposes of this subsection, the term "regional asset" means a civic, recreational, sports or cultural facility, including zoos, museums and performing arts facilities, function or activity which is owned or provided by a political subdivision or section 501(c)(3) of the Internal Revenue Code of 1986 organization, or with respect to which a political subdivision or section 501(c)(3) of the Internal Revenue Code of 1986 organization has operational and financial responsibility. Notwithstanding the foregoing, the following may not be considered regional assets:
(i) a health care facility;
(ii) an institution which predominantly provides elementary, secondary or higher education or other training;
(iii) a Federal or State park;
(iv) an airport or public transportation system or facility;
(v) a library;
(vi) a paid or volunteer public safety organization and facility;
(vii) an authority created under this subchapter and any facilities owned or operated by such an authority; or
(viii) an asset which fails to serve a significant number of individuals who are not residents of the city, borough or township within which the asset is located.
(5) The county shall have the authority to prescribe reasonable rules, regulations and procedures for:
(i) the administration of the regional asset fund and the segregated account in which the regional asset fund is deposited;
(ii) the making of grants from the regional asset fund; and
(iii) the administration of grants made from the regional asset money.
(f) Naming or designation revenue.--Net revenues received from the sale of rights for the naming or designation of a convention center or part of a convention center shall be allocated as follows:
(1) Fifty percent of revenues shall be distributed to the county for deposit into a segregated account identified as the regional asset fund to be utilized as provided in subsection (e)(3).
(2) Fifty percent of revenues shall be retained by the convention center authority established under this subchapter.
(g) Application.--Subsection (f) may not apply to a sale of rights occurring prior to the enactment of this subchapter. Revenues from the sale of naming rights for items of a de minimis nature, including the sale of plaques, individualized bricks or furniture, may not be subject to allocation under this section.