53 Pa. Stat. § 12720.402

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

Section 12720.402 - Limitation on amount of tax and revenue anticipation notes

No city shall authorize or issue tax anticipation notes in any one fiscal year which in the aggregate shall exceed 85% of:

(1) in the case of notes solely payable from and secured by a pledge of taxes, the amount of such taxes levied for the current fiscal year;

(2) in the case of notes solely payable from and secured by a pledge of revenues other than tax revenues, the amount of such revenues pledged; or

(3) in the case of notes payable from and secured by a pledge of taxes and other revenues, the sum of such taxes levied and such revenues pledged;

which, in all cases, are certified, pursuant to section 406, as remaining to be collected or received in such fiscal year during the period when the notes will be outstanding. The certificate shall be as of a date not more than 30 days prior to and no later than the date of the adoption of the determination of the loan committee authorizing the issue and sale of the tax anticipation notes. In computing the aggregate amount of tax anticipation notes outstanding at any given time during the fiscal year for the purpose of the limitation imposed by this section, allowance shall be made for such notes as have already been fully paid and for amounts already paid into a sinking fund or trust fund established for payment of such notes, if any.

53 P.S. § 12720.402

1991, June 5, P.L. 9, No. 6, § 402, imd. effective.