36 Pa. Stat. § 659.2

Current through Pa Acts 2024-53, 2024-56 through 2024-92

Section 659.2 - Combining projects for financing purposes; revenue bonds or obligations

Notwithstanding any of the provisions of any act authorizing any project and in addition to all other powers granted to it by law, the commission is hereby authorized and empowered (1) to combine for financing purposes any projects heretofore or hereafter authorized, subject to any limitations or restrictions contained in any trust indenture or other agreement securing revenue bonds or revenue refunding bonds or other obligations issued on account of any such project or projects and then outstanding, (2) to provide for the issuance at one time or from time to time of revenue bonds, notes or other obligations of the Commonwealth, payable solely from revenues or other funds of the Pennsylvania Turnpike Commission, for any one or more of the following purposes:

(a) paying the cost of all or any part of any project or projects so combined, and (b) refunding any revenue bonds, refunding bonds, notes or other obligations theretofore issued by the commission, including the payment of any redemption premium thereon, notwithstanding any limitations or restrictions as to time of refunding or rate of interest contained in any of the acts authorizing their issuance or in any amendments thereto, whether or not any of the projects in respect of which the bonds, notes or other obligations being refunded were issued are combined hereunder, (3) to fix and revise from time to time and charge and collect tolls for the use of any project or projects so combined, and to continue such tolls on all such projects until all bonds, notes or other obligations issued on account of each such project shall have been paid or provision made for their payment, and (4) to construct and finance any project, whether or not combined as a whole at one time or in sections from time to time, as the commission shall determine.

The issuance of revenue bonds, notes or other obligations under the provisions of this act, the maturities and other details thereof, the securing of such bonds, notes or other obligations 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, notes or other obligations from taxation, the rights of the holders of such bonds, notes or other obligations, and the rights, powers, duties and obligations of the Commonwealth and of the commission in respect of the same, shall be governed, except as modified herein by the provisions of the acts or their amendments providing for the construction, operation and maintenance of any projects combined for financing purposes, by the provisions of this act, in so far as the same may be applicable.

36 P.S. § 659.2

1951, Aug. 14, P.L. 1232, § 2.