Pennsylvania Consolidated & Unconsolidated Statutes
Chapter 15 - Commonwealth Financing Authority
Section 1504 - Definitions

§ 1504. Definitions. The following words and phrases when used in this chapter shall have the meaning given to them in this section unless the context clearly indicates otherwise:
"Agriculture." Any of the following:
(1) Production agriculture.
(2) Agribusiness.
(3) The sale of farm commodities at wholesale.
(4) The sale of farm commodities at retail by urban and rural supermarkets located or to be located in underserved areas.
(5) Farmers' markets.
(6) Energy-related activities impacting production agriculture or agribusiness.
(7) Activities which implement best practices related to agricultural waste, agricultural waste products, agricultural by-products or fertilizer.
(8) Any other activity deemed by the Commonwealth Financing Authority to involve agriculture.
"Applicant." A person that submits an application in accordance with Subchapter E (relating to programs).
"Authority." The Commonwealth Financing Authority established in section 1511 (relating to authority).
"Board." The board of the Commonwealth Financing Authority established in section 1512 (relating to board).
"Bonds." Bonds, notes, instruments, refunding notes and bonds and other evidences of indebtedness or obligations which the authority is authorized to issue pursuant to this chapter.
"Commercial lending activities." The making of loans and the provision of deposit services to business entities, except that a farm credit system institution under the Farm Credit Act of 1971 (Public Law 92-181, 85 Stat. 583) need not offer deposit services to qualify as a provider of commercial lending activities under this chapter.
"Commercial lending institutions." A federally chartered or state-chartered bank, savings bank, savings and loan association or farm credit system institution under the Farm Credit Act of 1971 (Public Law 92-181, 85 Stat. 583) which has a satisfactory rating from its primary regulator and which is engaged in commercial lending activities. The institution must operate at least one full-service branch for deposit gathering and lending located within this Commonwealth or be a farm credit system institution under the Farm Credit Act of 1971.
"Commonwealth agency." An agency, authority or other instrumentality of the Commonwealth.
"Community development financial institution." A community development financial institution certified in accordance with the Community Development Banking and Financial Institutions Act of 1994 (Public Law 103-325, 108 Stat. 2163).
"Comprehensive county plan" or "comprehensive municipal plan." The comprehensive plan adopted pursuant to applicable law by:
(1) A county or a municipality.
(2) A city of the first class.
(3) A city of the second class.
"Cost of the project" or "cost." Any of the following:
(1) Costs and expenses of acquisition of interests in land, infrastructure, buildings, structures, equipment, furnishings, fixtures and other tangible or intangible property, which comprise the project.
(2) Costs and expenses of construction, reconstruction, erection, equipping, expansion, extension, improvement, installation, rehabilitation, renovation or repair of the buildings, structures and equipment, which comprise the project.
(3) Costs and expenses of demolishing, removing or relocating buildings or structures on lands acquired or to be acquired and the expense of acquiring land to which the buildings or structures may be moved or relocated.
(4) Costs and expenses of preparing land for development.
(5) Costs and expenses of engineering services, financial services, accounting services and legal services, plans, specifications, studies and surveys necessary or incidental to determining the feasibility or practicability of the project.
(6) Working capital or other capital needs related to the project.
(7) Other costs and expenses deemed necessary by the Commonwealth Financing Authority.
"Department." The Department of Community and Economic Development of the Commonwealth.
"Executive agency." The Governor and the departments, boards, commissions, authorities and other officers and agencies of the Commonwealth. The term does not include any court or other officer or agency of the Unified Judicial System, the General Assembly and its officers and agencies, an independent agency or a State-affiliated entity.
"Farm commodities." Agricultural, horticultural, aquacultural, vegetable, fruit and floricultural products of the soil; livestock and meats; wools; hides; furs; poultry, eggs, dairy products, nuts, mushrooms, honey products and forest products.
"Farmer." A person engaged in the business of production agriculture.
"Federal agency." The United States of America, the President of the United States of America, the Congress and any department, corporation, agency or instrumentality designated or established by the United States of America.
"Finance." The term shall have the broadest possible meaning. The term includes refinance.
"Financial assistance." Loans, grants, guarantees, sales, leases, investments authorized in Subchapter E (relating to programs), lines of credit, letters of credit and other financial arrangements which the Commonwealth Financing Authority is authorized to undertake under Subchapter E (relating to programs).
"Financing." The term shall have the broadest possible meaning. The term includes refinancing.
"Fund manager." An organization which has as its primary purpose the managing of capital for real estate investments.
"Government agency." A Commonwealth agency; the Unified Judicial System and its courts, officers and agencies; the General Assembly and its officers and agencies; a political subdivision; a municipal authority or other local authority; a local, regional or metropolitan transportation authority; or a board, commission or other agency or instrumentality of a political subdivision, a municipal authority or other local authority.
"Governing body." The body or board authorized by law to enact ordinances or adopt resolutions for a political subdivision.
"Independent agency." A board, commission or other agency or officer of the Commonwealth which is not subject to the policy, supervision and control of the Governor. The term does not include a State-affiliated entity, any court or other officer or agency of the Unified Judicial System, the General Assembly and its officers and agencies, a State-related institution, a political subdivision or a local, regional or metropolitan transportation authority.
"Industrial development corporation." An entity which has been certified as an industrial development agency by the Pennsylvania Industrial Development Authority Board under the act of May 17, 1956 (1955 P.L.1609, No.537), known as the Pennsylvania Industrial Development Authority Act.
"Investor-owned water or wastewater enterprise." A nonpublic entity which supplies water or provides wastewater services to the public for a fee.
"Issuing authority." As defined in section 3 of the act of July 11, 1990 (P.L.465, No.113), known as the Tax Increment Financing Act.
"Managing partner." A general partner, a manager, a managing member or another person designated as the manager of a venture capital partnership.
"Municipal authority." A public authority created under 53 Pa.C.S. Ch. 56 (relating to municipal authorities) or under the former act of May 2, 1945 (P.L.382, No.164), known as the Municipality Authorities Act of 1945.
"Obligee of the authority." Any of the following:
(1) A holder or owner of bonds of the Commonwealth Financing Authority.
(2) A trustee or other fiduciary for any holder or owner of bonds of the Commonwealth Financing Authority.
(3) A provider of a letter of credit, policy of municipal bond insurance or other credit enhancement or liquidity facility for bonds of the Commonwealth Financing Authority.
(4) A lessor or installment seller demising property to the Commonwealth Financing Authority in connection with a project.
(5) A provider of an interest rate management agreement or other agreement or arrangement authorized under section 1513(a)(28) (relating to powers).
"Pennsylvania-related company." An entity with operations located in this Commonwealth or an entity willing to locate significant business operations in this Commonwealth.
"Philadelphia Metropolitan Statistical Area." The Philadelphia, Pennsylvania, Metropolitan Division of the Philadelphia-Camden-Wilmington, Pennsylvania-New Jersey, Delaware-Maryland Metropolitan Statistical Area as announced on June 6, 2003, by the United States Office of Management and Budget pursuant to Standards for Defining Metropolitan and Micropolitan Statistical Areas by the Office of Management and Budget for the 2000 Decennial Census of the United States Bureau of the Census as published in the Federal Register, Vol. 65, No. 249, on December 27, 2000, comprising the Pennsylvania counties of Philadelphia, Delaware, Bucks, Montgomery and Chester.
"Private developer." A person that is all of the following:
(1) Engaged in the development of real estate.
(2) Determined by the Commonwealth Financing Authority to be financially responsible to assume all obligations proposed to be undertaken.
"Production agriculture." The management and use of farming resources for any of the following:
(1) The production of:
(i) agricultural, horticultural, aquacultural, vegetable, fruit or floricultural products of the soil;
(ii) livestock or livestock products;
(iii) milk or dairy products; or
(iv) poultry or poultry products.
(2) Any other practices approved by the Department of Agriculture.
"Project." An activity which promotes economic development or opportunities within this Commonwealth. The term shall not include activities conducted by a for-profit entity directly or indirectly related to gaming.
"Project user." A person, political subdivision, municipal authority, Commonwealth agency or other entity that owns, leases or uses all or any part of a project.
"Redevelopment authority." An entity created under the act of May 24, 1945 (P.L.991, No.385), known as the Urban Redevelopment Law.
"Secretary." The Secretary of Community and Economic Development of the Commonwealth.
"Supermarket." A retail store operated on a self-service basis, primarily selling groceries, fresh produce, meat, bakery and dairy products. The term does not include a convenience store.
"Taxable bonds." Bonds or other evidence of indebtedness, the interest on which is includable in gross income for Federal income taxation purposes.
"Tax-exempt bonds." Bonds or other evidence of indebtedness, the interest on which is excludable from gross income for Federal income taxation purposes.
"Tax increment district." As defined in the act of July 11, 1990 (P.L.465, No.113), known as the Tax Increment Financing Act.
"Tourism." An activity which promotes or encourages individuals to travel to a location within this Commonwealth for pleasure.
"Venture capital partnership." An entity whose purpose is to make investments in companies and is formed as a limited partnership, limited liability company or comparable investment entity.
"Wastewater system." A system for the collection, treatment or disposal of wastewater, including industrial waste. The term does not include a system used solely for residential purposes.
"Water project." An activity to acquire land, easements or rights-of-way and to construct, improve, expand, extend, repair or rehabilitate a water system or wastewater system and which contributes to economic development.
"Water system." A system for the supply, treatment, storage or distribution of water. The term does not include a system used solely for residential purposes. (Nov. 30, 2004, P.L.1708, No.218, eff. imd.; Oct. 9, 2008, P.L.1517, No.125, eff. 60 days)
2008 Amendment. Act 125 amended the defs. of "commercial lending activities" and "commercial lending institutions."
2004 Amendment. Act 218 added the defs. of "community development financial institution," "investor-owned water or wastewater enterprise," "wastewater system," "water project" and "water system.
Cross References. Section 1504 is referred to in section 3902 of Title 12 (Commerce and Trade).