(a) General rule.--Before delivering any general obligation bonds or notes or guaranteed revenue bonds or notes constituting nonelectoral debt or before executing an instrument evidencing lease rental debt, the officer or officers of a local government unit shall prepare and verify under oath a debt statement as of a date not more than 60 days before the filing with the department or, in the case of notes issued under section 8109 (relating to small borrowing for capital purposes), before the final adoption of the resolution authorizing their issue, showing:
(1) The gross indebtedness of the local government unit, giving prospective effect to the provisions of section 8250(b) (relating to use of proceeds of refunding bonds and when refunded bonds are no longer deemed outstanding) if debt is to be refunded.
(2) By items, the claimed credits and exclusions from the gross indebtedness permitted by this subpart in determining net debt.
(3) The aggregate principal amount of the bonds or notes being issued or evidencing lease rental debt.
(4) The borrowing base of the local government unit as shown by an appended borrowing base certificate.
(5) The applicable nonelectoral debt limit and the limit for nonelectoral plus lease rental debt computed as provided in this subpart.
(6) In the case of a refunding, the principal amount of bonds or notes which will no longer be deemed to be outstanding pursuant to section 8250(b) after settlement of the issue.
(b) Previously excluded self-liquidating or subsidized debt.--Where debt has previously been excluded as self-liquidating or subsidized debt, the debt statement shall be accompanied by a certification that no decrease in the amounts to be excluded is required by any change of circumstances or, if there has been a change, other than decreases resulting from the payments of bonds or notes, so that less debt is to be excluded. If it has become possible to exclude a greater amount of debt and the local government unit desires to do so, the debt statement shall be accompanied by appropriate certificates supporting the revised amount to be excluded, and a revised approval shall be obtained from the department.
Cross References. Section 8110 is referred to in sections 8026, 8103, 8111 of this title.
Structure Pennsylvania Consolidated & Unconsolidated Statutes
Pennsylvania Consolidated & Unconsolidated Statutes
Title 53 - MUNICIPALITIES GENERALLY
Chapter 81 - Incurring Debt and Issuing Bonds and Notes
Section 8101 - Combining projects for financing or series of bonds or notes for sale
Section 8102 - Preliminary authorizations as to financing
Section 8104 - Covenant to pay bonds or notes or a guaranty
Section 8106 - Sinking fund depository and trustee for bondholders or noteholders
Section 8107 - Award of bonds or notes
Section 8108 - Bond anticipation notes
Section 8109 - Small borrowing for capital purposes
Section 8110 - Debt statement
Section 8111 - Submission to department
Section 8112 - Agreements with bondholders or noteholders
Section 8113 - Lost, stolen, destroyed or mutilated bonds or notes
Section 8115 - Contractual effect of ordinances and resolutions
Section 8116 - Unfunded actuarial accrued liability - condition precedent (Repealed)
Section 8121 - Power to issue tax anticipation notes
Section 8122 - Limitation on amount of tax anticipation notes
Section 8123 - Maturity date and time of payment of interest
Section 8124 - Other terms of tax anticipation notes
Section 8125 - Security for tax anticipation notes and sinking fund
Section 8126 - Certification as to taxes and revenues to be collected
Section 8127 - Sale of tax anticipation notes
Section 8128 - Condition precedent to validity of tax anticipation notes
Section 8129 - Scope of unfunded debt
Section 8130 - Approval by court to fund unfunded debt
Section 8141 - Form of bonds or notes
Section 8142 - Limitations on stated maturity dates
Section 8143 - Disposition of proceeds notwithstanding certain limitations
Section 8144 - Number of interest rates
Section 8145 - Place and medium of payment
Section 8146 - Execution of bonds or notes
Section 8147 - Pledge of revenues
Section 8148 - Deeds of trust and other agreements with bondholders and noteholders
Section 8149 - Negotiable qualities of bonds and notes
Section 8150 - Temporary bonds or notes or interim receipts
Section 8161 - Manner of sale of bonds or notes
Section 8162 - Contents of public advertisement and of official notice of sale
Section 8163 - Proposals for purchase
Section 8164 - Opening of bids
Section 8165 - Determination of highest and best bid
Section 8166 - Required bid security
Section 8167 - Reserved right to reject bids
Section 8168 - Failure to receive conforming bid
Section 8169 - Determination of net interest cost and net interest rate