71 Pa. Stat. § 531-C

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

Section 531-C - Review of refinancing opportunities.

The Treasury Department, in conjunction with the Secretary of the Budget, the Auditor General and any chairperson of an authority, commission, agency or board that has the power to issue debt, shall identify and review all outstanding debt obligations of the Commonwealth and its authorities, commissions, agencies or boards and submit a report of the findings to the General Assembly no later than October 30, 2020. In addition to the identification and review of all outstanding debt obligations, the report shall identify options for the refinancing of the outstanding debt obligations to reduce the costs to the Commonwealth and its authorities. Each agency identified under this section shall provide to the Treasury Department, within 30 days after the effective date of this section, information requested by the Treasury Department, including the following, related to all outstanding debt obligations of the agency:

(1) Total outstanding amount of all obligations.

(2) Most recent audited financial statement of the agency.

(3) Description of each obligation, identifying senior or subordinate debt and federal tax treatment.

(4) Account of all security pledged for each obligation.

(5) Most recent rating associated with each debt obligation, including rate covenant and maturity date.

(6) List of all additional associated agency obligations or covenants.

(7) Annual debt service cost, debt service fund and debt service reserve fund for each debt obligation.

(8) Risk factors and disclosure statements associated with each debt obligation.

(9) Pending litigation that may financially impact the debt obligations of the agency.

71 P.S. § 531-C

Added by P.L. TBD 2020 No. 37, § 3, eff. 6/30/2020.