Pennsylvania Act 2011-27 — PUBLIC AUTHORITIES AND QUASI-PUBLIC CORPORATIONS (64 PA.C.S) - FIRST INDUSTRIES PROGRAM

Act text

Session of 2011

No. 2011-27

SB 1007

AN ACT

Amending Title 64 (Public Authorities and Quasi-Public Corporations) of the Pennsylvania Consolidated Statutes, further providing for the First Industries Program.

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

Section 1. Section 1552(e)(2)(i)(B) and (3.1) and (e.2) of Title 64 of the Pennsylvania Consolidated Statutes are amended to read:

§ 1552. First Industries Program.

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(e) Loan guarantees.--

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(2) The board shall review the application to determine all of the following:

(i) * * *

(B) Beginning on the effective date of this paragraph through [June 30, 2011] July 15, 2015 , that the project has been awarded a planning grant under this section or that at least $500,000 of private funds are being invested in the project.

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(3.1) Beginning on the effective date of this paragraph through [June 30, 2011] July 15, 2015 , a guarantee of 51% to 90% of the principal amount of the loan to assist with the financing of a project related to agriculture may be awarded by the board. The guarantee shall be subject to a one-time fee of 2% of the amount of the loan multiplied by the percentage of the guarantee.

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(e.2) Sunset.--After [June 30, 2011] July 15, 2015 , no Farm Credit Institution under the Farm Credit Act of 1971 shall be eligible for any loan guarantees under this chapter.

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Section 2. This act shall take effect immediately.

APPROVED--The 30th day of June, A.D. 2011.

TOM CORBETT