36 Pa. Stat. § 655.14

Current through Pa Acts 2024-53, 2024-56 through 2024-111

Section 655.14 - Parkway revenue refunding bonds

The commission is hereby authorized to provide by resolution for the issuance of parkway revenue refunding bonds of the Commonwealth for the purpose of refunding any parkway revenue bonds issued under the provisions of this act and then outstanding. The issuance of such parkway revenue refunding bonds, the maturities and other details thereof, the rights of the holders thereof and the duties of the Commonwealth and of the commission in respect to the same shall be governed by the foregoing provisions of this act in so far as the same may be applicable and by the following provisions:

(a) No parkway revenue refunding bonds shall be delivered unless delivered in exchange for parkway revenue bonds to be refunded thereby, except in the amount necessary to provide for the payment of matured or redeemable parkway revenue bonds or parkway revenue bonds maturing or redeemable within three months, including any redemption premium thereon;

(b) No parkway revenue refunding bonds shall be issued unless issued to refund parkway revenue bonds which have matured or will mature within three months or unless the interest rate of the parkway revenue refunding bonds shall be at least one-fourth of one per centum less than the interest rate borne by the parkway revenue bonds to be refunded.

36 P.S. § 655.14

1941, July 16, P.L. 386, § 14.