Pennsylvania § 8201 Certification to department of bond or note transcript or lease, guaranty, subsidy

Pennsylvania Statutes

§ 8201 — Certification to department of bond or note transcript or lease, guaranty, subsidy

Pennsylvania·Title 53 MUNICIPALITIES GENERALLY·Part PART VII·Ch. 82 MISCELLANEOUS PROVISIONS·Subch. DEPARTMENT OF COMMUNITY AND ECONOMIC DEVELOPMENT

(a)General rule.--The governing body of each local government unit shall, before any bonds or notes except tax anticipation notes issued pursuant to section 8121 (relating to power to issue tax anticipation notes) and notes representing small borrowings issued pursuant to section 8109 (relating to small borrowing for capital purposes) are actually delivered to the initial purchasers or before becoming bound on any lease, guaranty, subsidy contract or other agreement evidencing lease rental debt, cause to be certified to the department, under the signature of the clerk or secretary of the governing body and its corporate seal, a complete and accurate copy of the proceedings for the incurring of debt, as provided in section 8111 (relating to submission to department).

(b)Other requirement

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(a) General rule.--The governing body of each local government unit shall, before any bonds or notes except tax anticipation notes issued pursuant to section 8121 (relating to power to issue tax anticipation notes) and notes representing small borrowings issued pursuant to section 8109 (relating to small borrowing for capital purposes) are actually delivered to the initial purchasers or before becoming bound on any lease, guaranty, subsidy contract or other agreement evidencing lease rental debt, cause to be certified to the department, under the signature of the clerk or secretary of the governing body and its corporate seal, a complete and accurate copy of the proceedings for the incurring of debt, as provided in section 8111 (relating to submission to department).

(b) Other requirements unaffected.--The provisions of this section do not eliminate the filing requirements of sections 8024 (relating to exclusion of subsidized debt from net nonelectoral debt or net lease rental debt), 8025 (relating to exclusion of self-liquidating debt evidenced by revenue bonds or notes to determine net nonelectoral debt), 8026 (relating to exclusion of other self-liquidating debt to determine net nonelectoral debt or net lease rental debt), 8126 (relating to certification as to taxes and revenues to be collected) and 8128 (relating to condition precedent to validity of tax anticipation notes).

Pennsylvania § 8201 (Certification to department of bond or note transcript or lease, guaranty, subsidy) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.