36 Pa. Stat. § 654.2

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

Section 654.2 - Combining projects for financing purposes; issuance of revenue bonds

Notwithstanding any of the provisions of any of the acts hereinabove mentioned, and in addition to all other powers granted to it by law, the Commission is hereby authorized and empowered (1) to combine the Turnpike, the Eastern Extension, and the Western Extension, or any two thereof, for financing purposes under the provisions of this act, (2) to provide for the issuance at one time, or from time to time, of revenue bonds of the Commonwealth for any of the following purposes:

(a) paying the cost of the Eastern Extension, and the cost of the Western Extension, (b) paying the cost of the Eastern Extension or the cost of the Western Extension, or the cost of both, and refunding any Turnpike revenue bonds, or Turnpike revenue refunding bonds, which shall have theretofore been issued by the Commission under the provisions of any of the acts hereinabove mentioned, or under the provisions of this act, and which shall then be outstanding, including the payment of any redemption premium thereon and, (c) refunding any revenue bonds or revenue refunding bonds theretofore issued under the provisions of this act, including the payment of any redemption premium thereon and, (3) to fix and revise, from time to time, tolls for the use of the project so combined.

The issuance of revenue bonds under the provisions of this act, the maturities and other details thereof, the securing of such bonds by a trust indenture, the maintenance and operation of the projects so combined, the fixing and revising of tolls for the use of such projects, the exemption of such projects and such bonds from taxation, the rights of the holders of such bonds, and the rights, powers, duties, and obligations of the Commonwealth, and of the Commission in respect of the same, shall be governed by the provisions to said act, approved the twenty-fifth day of May, 1937 (Pamphlet Laws 774), as amended by the act, approved the twenty-fourth day of May, 1945 (Pamphlet Laws 972), in so far as the same may be applicable.

36 P.S. § 654.2

1947, June 21, P.L. 877, § 2.