Current through Pa Acts 2024-53, 2024-56 through 2024-111
Section 9511.2 - Special revenue bonds(a) Payment source.--A special revenue bond, note or other obligation issued under this chapter:(1) shall not be deemed to be a debt or liability of the Commonwealth;(2) shall not create or constitute any indebtedness, liability or obligation of the Commonwealth; and(3) shall be payable solely from pledged revenues.(b) Statement.--A special revenue bond, note or other obligation issued under this chapter must contain a statement on its face that:(1) the Commonwealth is not obligated to pay the bond, note or obligation or the interest on it except from pledged revenues; and(2) neither the faith and credit, nor the taxing power of the Commonwealth is pledged to the payment of the principal or interest of the bond, note or obligation.(c) Taxation.--The issuance of a special revenue bond, note or other obligation under this chapter shall not directly, indirectly or contingently obligate the Commonwealth to levy a tax or to make an appropriation for payment.2007, July 18, P.L. 169, No. 44, § 7, retroactive effective 7/1/2007.