Pennsylvania Act 1987-26 — CAPITAL BUDGET ACT OF 1987-1988

Act text

AN ACT

Providing for the capital budget for the fiscal year 1987-1988.

The General Assembly of the Commonwealth of Pennsylvania hereby enacts as follows:

Section 1. Short title and construction.

(a) Short title.--This act shall be known and may be cited as the Capital Budget Act of 1987-1988.

(b) Supplements.--A reference to this act shall be deemed to include a reference to the supplements to this act.

(c) Fiscal Code.--The provisions and definitions of Article XVI-B of the act of April 9, 1929 (P.L.343, No.176), known as The Fiscal Code, shall apply to this act to the extent they are not inconsistent with this act.

Section 2. Overall limitations on debt to be incurred for capital projects.

The maximum principal amount of additional debt to be incurred during the 1987-1988 fiscal year, and thereafter until the enactment of the 1988-1989 capital budget specifying the maximum debt for the 1988-1989 fiscal year, for capital projects specifically itemized in a capital budget pursuant to section 7(a)(4) of Article VIII of the Constitution of Pennsylvania, and the fund to be charged with the repayment of such debt, shall, with respect to each category of capital projects, be as follows:

Section 3. Effective date.

This act shall take effect July 1, 1987, or immediately, whichever is later.