Pennsylvania § 4309 Bonds

Pennsylvania Statutes

§ 4309 — Bonds

Pennsylvania·Title 12 COMMERCE AND TRADE·Part PART III·Ch. 43 PROPERTY ASSESSED CLEAN ENERGY PROGRAM

(a)Issuance.--Local financing or owner financing may be used to issue bonds to finance qualified projects.

(b)Restrictions.--Bonds issued under this chapter may not be general obligations of the municipality or county.

(c)Use of proceeds.--Funds generated from the issuance of a bond may only be used for the following purposes:

(1)Design, engineering and project development costs of a qualified project.

(2)Infrastructure related to and necessary for a qualified project.

(3)Purchase and installation cost of any equipment needed for a qualified project.

(4)Payment of normal and customary issuance and closing fees of a bond.

(5)Normal and customary administrative fees necessary to continue operations of the municipal or county financing agency. The fees can include, but are not

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(a) Issuance.--Local financing or owner financing may be used to issue bonds to finance qualified projects.

(b) Restrictions.--Bonds issued under this chapter may not be general obligations of the municipality or county.

(c) Use of proceeds.--Funds generated from the issuance of a bond may only be used for the following purposes:

(1) Design, engineering and project development costs of a qualified project.

(2) Infrastructure related to and necessary for a qualified project.

(3) Purchase and installation cost of any equipment needed for a qualified project.

(4) Payment of normal and customary issuance and closing fees of a bond.

(5) Normal and customary administrative fees necessary to continue operations of the municipal or county financing agency. The fees can include, but are not limited to, audits and application fees.

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