Section 400.2701 - PurposeA tax-exempt bond allocation formula is established in response to restrictions imposed by section 146 of the Internal Revenue Code of 1986 ( Public Law 99-514, 26 U.S.C. § 146 ). Because of the limits on the amounts of tax-exempt bond funding available, this chapter is intended to use the restricted funding available in order to do all of the following:
(1) Create career-oriented net new jobs or preserve jobs.(2) Increase and diversify the manufacturing base of this Commonwealth.(3) Aid in the expansion of existing private companies, particularly those which sell their products outside this Commonwealth.(4) Attract new industries with new products into economically distressed areas within this Commonwealth.(5) Promote industrial, commercial and other economic development within this Commonwealth.(6) Promote a healthy environment through:(i) abatement, safe storage, transportation, reduction, elimination, remediation and disposal within this Commonwealth of pollutants and wastes; and(ii) recycling of wastes.(7) Prepare the necessary personnel, through a program of educational financial assistance to postsecondary students, their families and others providing educational opportunities to students and their families, to assume the manpower and administrative leadership roles required to carry out the objectives of paragraphs (1) through (6).(8) Assist in providing multifamily, single-family, continuing care and personal care housing for residents of this Commonwealth and in financing the acquisition, construction, rehabilitation, preservation or improvement of that housing.(9) Otherwise promote the health, welfare and safety of the residents of this Commonwealth by: (i) promoting economic activity and efficiency;(ii) alleviating or eliminating unemployment, blight and other unhealthy conditions; and(iii) promoting education and housing assistance. [Oct. 23, 2007].
1996, June 29, P.L. 434, No. 67, § 2701, added 1998, Nov. 17, P.L. 788, No. 100, § 10, imd. effective. Affected 2007, July 25, P.L. 402, No. 56, §8(7), effective in 90 days [ 10/23/2007].