§ 8101 — Combining projects for financing or series of bonds or notes for sale

Pennsylvania § 8101

• Jurisdiction: Pennsylvania
• Title 53: MUNICIPALITIES GENERALLY
• Part: PART VII
• Ch. 81: INCURRING DEBT AND ISSUING BONDS AND NOTES
• Subch.: GENERAL PROVISIONS

Text

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).

Legislative History

(May 5, 1998, P.L.301, No.50, eff. 60 days) Cross References.Section 8101 is referred to in section 8142 of this title.