Pennsylvania Consolidated & Unconsolidated Statutes
Chapter 81 - Incurring Debt and Issuing Bonds and Notes
Section 8111 - Submission to department

(a) General rule.--Before delivering any bonds or notes other than notes representing small borrowings issued under section 8109 (relating to small borrowing for capital purposes), the local government unit shall apply for and receive or be deemed to have received the approval of the department under section 8204 (relating to certificate of approval of transcript) or 8206 (relating to effect of failure of timely action by department). The application, in such form as the department prescribes, shall be accompanied by a transcript of the proceedings consisting of certified copies of any of the following, not previously filed, which are applicable:
(1) The ordinance calling the election in the case of electoral debt with proofs of all proper advertisements.
(2) The return of election.
(3) The ordinance or ordinances authorizing the bonds or notes with proofs of proper publication.
(4) The accepted proposal for the purchase of the bonds or notes.
(5) The ordinance or resolution awarding the bonds or notes with proofs of proper publication of the ordinance.
(6) The debt statement if required by section 8110 (relating to debt statement) prepared pursuant thereto.
(7) Any certificates and proofs that may be necessary for the exclusion of any portion of the series proposed to be delivered or any prior series as self-liquidating debt or subsidized debt if the exclusion is desired by the local government unit.
(b) Lease rental debt submissions.--Before becoming bound on any lease, guaranty, subsidy contract or other agreement evidencing lease rental debt, a local government unit shall apply for and receive or be deemed to have received the approval of the department under section 8204 or 8206. The application, in a form the department prescribes, shall be accompanied by certified copies of the following:
(1) The ordinance authorizing the execution of the lease, guaranty, subsidy contract or other agreement with proofs of proper publication.
(2) The debt statement prepared pursuant to section 8110.
(c) Validity of lease rental debt agreements.--No lease, guaranty, subsidy contract or other agreement evidencing lease rental debt executed and delivered after July 12, 1972, and prior to the approval pursuant to section 8204 or 8206 of the department shall be valid or obligatory. Except as reference is made in this subpart to lease rental debt, this subpart shall have no application to the authorization, issue or sale of its obligations by any authority.
(d) Number of counterparts.--The application may be made in as many counterparts as desired. The department, if it approves the application, shall return all counterparts, except one, with its certificate of approval appended to each.

Cross References. Section 8111 is referred to in section 8201 of this title.

Structure Pennsylvania Consolidated & Unconsolidated Statutes