Pennsylvania Act 2001-116 — DORMITORY SPRINKLER SYSTEM ACT

Act text

DORMITORY SPRINKLER SYSTEM ACT
                 Act of Dec. 20, 2001, P.L. 969, No. 116              Cl. 35
                                  AN ACT

     Providing for a program to assist public and private
        institutions of higher education to install sprinkler systems
        in dormitories.

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

     Section 1.  Short title.
        This act shall be known and may be cited as the Dormitory
     Sprinkler System Act.
     Section 2.  Definitions.
        The following words and phrases when used in this act shall
     have the meanings given to them in this section unless the
     context clearly indicates otherwise:
        "Authority."  The Pennsylvania Higher Educational Facilities
     Authority.
        "Bonds."  Notes (other than revenue anticipation notes),
     bonds and other evidences of indebtedness or obligations which
     the Pennsylvania Higher Educational Facilities Authority is
     authorized to issue pursuant to the act of December 6, 1967
     (P.L.678, No.318), known as The Pennsylvania Higher Educational
     Facilities Authority Act of 1967, and which were issued on or
     after June 1, 2001.
        "College."  A nonprofit educational institution situated
     within this Commonwealth which is empowered to provide a program
     of education beyond the high school level, which by virtue of
     governing law and regulation is recognized by the State Board of
     Education as an institution of higher education and which places
     no restrictions upon the admission of students based upon race,
     creed or national origin.
        "Department."  The Department of Education of the
     Commonwealth.
        "Dormitory and housing units."  A building owned by a college
     which is used as a residence by students of the college.
     Section 3.  Sprinkler system program.
        (a)  Powers.--In addition to its other powers, the authority
     is authorized to finance projects to retrofit existing college
     dormitories and housing units with sprinklers by making loans to
     colleges.
        (b)  Reimbursement.--For any authority bond issued under
     subsection (a), the authority shall reimburse the college each
     fiscal year for the cost of interest paid by the college during
     the fiscal year on the bond in excess of an interest rate of 3%,
     using funds from appropriations to the department for such
     purpose or from any other funds available to the department for
     such use. The department shall deposit any funds appropriated
     for this purpose into a restricted account to be used to pay to
     the authority the interest reimbursements when due.
        (c)  Bonds.--The bonds of the authority issued to pay the
     cost of a project under this act shall be authorized by
     resolution of the board thereof or by the terms of a trust
     indenture authorized by such board and shall be of such series,
     shall bear such date or dates, shall mature at such time or
     times not exceeding 20 years from their respective dates, shall
     bear interest at such rate or rates, shall be in such
     denominations, shall be in such form, either coupon or fully
     registered without coupons, shall carry such registration,
     exchangeability and interchangeability privileges, shall be
     payable in such medium of payment and at such place or places,
     shall be subject to such terms of redemption not exceeding 105%
     of the principal amount thereof and shall be entitled to such
     priorities in the revenues, rentals or receipts of the authority
     as such trust, indenture, resolution or resolutions may provide.
     The bonds shall be signed by such officers, either manually or
     by facsimile, as the authority shall determine, and coupon bonds
     shall have attached thereto interest coupons bearing the
     facsimile signature of the treasurer of the authority, all as
     may be prescribed in such resolution or resolutions. Bonds may
     be issued and delivered notwithstanding that one or more of the
     officers signing such bonds or the treasurer whose facsimile
     signature shall be upon the coupons or any thereof shall have
     ceased to be such officer or officers at the time when such
     bonds actually shall be delivered. Such bonds may be sold at
     public or private sale for such price or prices as the authority
     shall determine, with the approval of the college for whose use
     the project is being constructed.
     Section 4.  Impact on existing law.
        Nothing in this act shall affect the scope, effect or
     applicability of the following:
            (1)  Section 1 of the act of May 1, 1913 (P.L.155,
        No.104), entitled "An act regulating the letting of certain
        contracts for the erection, construction, and alteration of
        public buildings."
            (2)  The act of August 15, 1961 (P.L.987, No.442), known
        as the Pennsylvania Prevailing Wage Act.
            (3)  The act of December 20, 1967 (P.L.869, No.385),
        known as the Public Works Contractors' Bond Law of 1967.
            (4)  The act of March 3, 1978 (P.L.6, No.3), known as the
        Steel Products Procurement Act.
     Section 5.  Effective date.
        This act shall take effect July 1, 2001, or immediately,
     whichever is later.