(a) Notice.--
(1) The local government unit shall file with the Department of Community and Economic Development certified copies of a resolution authorizing a qualified interest rate management agreement, including any appendix to the resolution, 15 days following adoption.
(2) If the maximum net payments by fiscal year for periodic scheduled payments of the local government unit, not including any termination payments, and interest on the bonds or notes to which the qualified interest rate management agreement relates exceed the amount of interest approved in proceedings of the local government unit with respect to such bonds or notes filed with and approved by the department, the local government unit shall adopt an amendment to the ordinance or resolution authorizing such bonds or notes reflecting such increase. The amendment shall be advertised and effective as provided in section 8003 (relating to advertisement and effectiveness of ordinances) and filed with the department. No approval by the department or filing fee by the local government unit shall be required for any filing under this subsection.
(b) Records.--The department shall keep copies of all documents filed with the department under this section as long as a qualified interest rate management agreement is in effect. Documents filed with the department under this section are public records available for examination by any citizen of this Commonwealth; any party to the qualified interest rate management agreement; or any bondholder or noteholder, including holders of tax anticipation notes, of the local government unit filing any document pursuant to this section.
Structure Pennsylvania Consolidated & Unconsolidated Statutes
Pennsylvania Consolidated & Unconsolidated Statutes
Title 53 - MUNICIPALITIES GENERALLY
Chapter 82 - Miscellaneous Provisions
Section 8202 - Filing of statements of noncompletion of sale with department
Section 8203 - Fees for filing
Section 8204 - Certificate of approval of transcript
Section 8205 - Certificate of disapproval and correction of proceedings
Section 8206 - Effect of failure of timely action by department
Section 8207 - Records of department
Section 8209 - Finality of proceedings as to validity of instruments
Section 8210 - Power of department to define terms, issue rules and regulations and prescribe forms
Section 8211 - Petitions for declaratory orders and complaints to department
Section 8221 - Creation of sinking funds and deposits, reserves and surplus funds
Section 8222 - Assessment fund
Section 8223 - Duty of treasurer
Section 8224 - Deposit and investment of moneys in sinking funds and other funds
Section 8225 - Management of sinking and other funds
Section 8226 - Inspection of sinking funds and orders to comply
Section 8227 - Sinking fund not required for small borrowings
Section 8241 - Power to refund
Section 8242 - Treatment of costs upon refunding
Section 8243 - Limitation on extending term of debt by refunding
Section 8244 - Effect of debt limits on refunding nonelectoral bonds or notes or lease rental debt
Section 8245 - Refunding of electoral debt
Section 8246 - Procedure for authorization, sale, issue and approval of refunding bonds or notes
Section 8247 - Special limitation on refunding of funding debt
Section 8248 - Approval of refunding by the electors
Section 8249 - Refunding with bonds of another type
Section 8251 - Cessation of interest on called bonds or notes
Section 8261 - Failure to budget debt service
Section 8262 - Failure to pay principal or interest
Section 8263 - Trustee for bondholders
Section 8264 - Receiver for revenue projects
Section 8265 - Costs of suits or proceedings
Section 8266 - Distribution of moneys realized for bondholders
Section 8271 - Failure to obey sinking fund directive of department
Section 8281 - Qualified interest rate management agreements
Section 8282 - Covenant to pay amounts due under qualified interest rate management agreements