Section 694.501 - Commonwealth Financing Authority(a) General rule.--(1) The authority shall incur indebtedness in an amount of up to $800,000,000 in accordance with 64 Pa.C.S. Ch. 15 (relating to Commonwealth Financing Authority). The term of indebtedness shall not exceed 30 years. Net proceeds from the sale of obligations incurred under this section shall be allocated by the board for projects set forth under section 502 and for the payment of all reasonable costs and expenses related to the issuance.(2) Bonds issued under this chapter shall not be a debt, liability or obligation of the Commonwealth. The provisions limiting liability imposed under 64 Pa.C.S. § 1521(d) (relating to bonds issuance) shall apply to the indebtedness under this act.(b) Payments.--Beginning in fiscal year 2009-2010, money allocated under section 301 shall be used by the authority for payment of the debt service related to the issuance of obligations under subsection (a).(c) Grants.--Proceeds from obligations issued under subsection (a) and money remaining in the fund following payment of debt service shall be used for single-year or multiyear grants to eligible applicants for projects under this chapter following review under section 502. Grants shall be awarded to eligible applicants for projects of $500,000 or more. A grant under this act shall not exceed a total of $20,000,000 for any project. Grants from proceeds from debt and from money remaining in the fund shall be awarded over a period not to exceed six years.(d) Making of grants.--Grants shall be made as follows: (1) A minimum of $100,000,000 shall be awarded to flood control projects.(2) A minimum of $35,000,000 shall be awarded to high hazard unsafe dam projects. No more than $20,000,000 may go to an eligible applicant that is the Commonwealth or an independent agency.(e) Receipt of PENNVEST loan or grant.--The receipt of a loan or grant from PENNVEST shall not disqualify an applicant from eligibility for a grant under this act.(f) Local participation.--An eligible applicant shall provide funds of not less than 50% of the amount awarded by the authority for water or sewer projects. An eligible applicant for a flood control project shall provide easements and rights-of-way, relocation of buildings and utilities and alteration or rebuilding of inadequate bridges and operation and maintenance of completed projects. An eligible applicant shall provide funds of not less than 25% of the amount awarded by the authority for high hazard unsafe dams. An eligible applicant that is the Commonwealth or an independent agency shall not be required to match.(g) Applications.--Applications for grants under this chapter shall be in a form determined by the board and shall contain plans and other documentation as required by the board. Applications shall be available electronically. An eligible applicant that is the Commonwealth or an independent agency shall submit its application through the department on a form prescribed by the department.(h) Guidelines.--The authority shall publish guidelines in the Pennsylvania Bulletin relating to the following:(1) Eligibility of applicant.(2) Required documentation.(4) Costs of a project that are eligible for a grant.(5) Requirements and standards of review for eligible projects.(i) Notification.--(1) Within 90 days of the effective date of this section, the authority shall submit for publication notification of the establishment of the programs under this act and a brief description of each in the Pennsylvania Bulletin and on the Internet website of the Department of Community and Economic Development. The authority shall provide written notification of the establishment of the programs to all of the following:(i) The County Commissioners Association of Pennsylvania.(ii) The Pennsylvania State Association of Township Commissioners.(iii) The Pennsylvania State Association of Township Supervisors.(iv) The Pennsylvania State Association of Boroughs.(v) The Pennsylvania Municipal Authorities Association.(vi) The Pennsylvania League of Cities and Municipalities.(2) The notification under paragraph (1) shall include the name of a contact person and the anticipated time that funding, applications and other information will become available.2008, July 9, P.L. 908, No. 63, §501, effective in 60 days [ 9/8/2008]. Affected 2009, Oct. 9, P.L. 537, No. 50, § 7(6), imd. effective.