24 Pa. Stat. § 5514

Current through Pa Acts 2024-53, 2024-56 through 2024-111
Section 5514 - Limitation of powers

The Commonwealth does hereby pledge to, and agree with, any person, firm or corporation or Federal or other governmental agency subscribing to, or acquiring, the bonds to be issued by the authority for the acquisition, construction, extension, financing, improvement, or enlargement of any project, or part thereof, or for refunding purposes, or the revenue anticipation notes to be issued by the authority for the funding of working capital requirements of colleges, that the Commonwealth will not limit or alter the rights hereby vested in the authority, or limit or alter any provisions for the security and protection of the authority and its bondholders and noteholders contained in this act or as now provided by law, until all bonds and revenue anticipation notes at any time issued, together with the interest thereon, fully are met and discharged. The Commonwealth further does pledge to and agree with the United States and any other Federal or other governmental agency that, in the event that any such agency shall construct or contribute any funds for the acquisition, construction, extension, financing, improvement or enlargement of any project or any portion thereof, the Commonwealth will not alter or limit the rights and powers of the authority in any manner which would be inconsistent with the continued maintenance and operation of the project, or the improvement thereof, or which would be inconsistent with the due performance of any agreements between the authority and any such agency, and the authority shall continue to have and may exercise all power herein granted so long as the same shall be necessary or desirable for the carrying out of the purposes of this act and the purposes of the United States and any Federal or other governmental agency in the construction or improvement or enlargement of any project or such portion thereof.

24 P.S. § 5514

1967, Dec. 6, P.L. 678, §14. Amended 1984 , March 23, P.L. 145, No. 27, § 3, imd. effective; 1984, Oct. 12, P.L. 948, No. 185, § 6, imd. effective.