Current through Pa Acts 2024-53, 2024-56 through 2024-111
Section 5510.11 - Limitation on authority under Federal bankruptcy code(a) General rule.--So long as an authority shall have outstanding any bonds issued under this chapter, the authority shall not be authorized to file a petition for relief under 11 U.S.C. Chapter 9 (relating to adjustment of debts of a municipality), and no public officer or agency or instrumentality of the Commonwealth shall authorize the authority to become a debtor under 11 U.S.C. Chapter 9 so long as any bonds issued under this chapter are outstanding.(b) Applicability.--This section shall only apply to authorities in cities of the first class.2002, Dec. 30, P.L. 2001, No. 230, § 6, effective in 60 days. Reenacted 2004, July 16, P.L. 758, No. 94, § 6.4, imd. effective.