73 Pa. Stat. § 850.808

Current through Pa Acts 2024-53, 2024-56 through 2024-127
Section 850.808 - Commonwealth pledges
(a) Pledge.--If and to the extent the management entity pledges amounts required to be transferred to the TRID Fund under section 805 for payment of bonds issued by the management entity, until all bonds secured by the pledge of the management entity, together with interest on the bonds , are fully paid or provided for, the Commonwealth pledges to and agrees with any person, firm, corporation or government agency, in this Commonwealth or elsewhere and pledges to and agrees with any Federal agency subscribing to or acquiring the bonds of the management entity that the Commonwealth will not, nor will it authorize any government entity to, do any of the following:
(1) Abolish or reduce the size of the TRID.
(2) Limit or alter the rights vested in the management entity in a manner inconsistent with the obligations of the management entity with respect to the bonds issued by the management entity.
(3) Impair revenue to be paid under this chapter to the management entity necessary to pay debt service on bonds.
(b) Limitation.--Nothing under this section shall limit the authority of the Commonwealth to change the rate, base or subject of a specific tax or to repeal or enact any tax.

73 P.S. § 850.808

Added by P.L. TBD 2016 No. 151, § 5, eff. 2/2/2017.