Pennsylvania Act 1947-367 — RELATING TO TURNPIKE FINANCING

Act text

RELATING TO TURNPIKE FINANCING
                 Act of Jun. 21, 1947, P.L. 877, No. 367              Cl. 36
                                  AN ACT

     To authorize and empower the Pennsylvania Turnpike Commission to
        combine the Turnpike, the Eastern Extension, and the Western
        Extension, or any two thereof, for financing purposes under
        the provisions of this act; authorizing the issuance of
        Turnpike revenue bonds of the Commonwealth payable solely
        from tolls; to pay the cost of the Eastern Extension and the
        Western Extension; paying the cost of the Eastern Extension,
        or the cost of the Western Extension, or the cost of both;
        and refunding any Turnpike revenue bonds or Turnpike
        refunding bonds which have heretofore been issued by the
        Commission under the provisions of any act heretofore
        approved, or under the provisions of this act, and which
        shall then be outstanding, including the payment of any
        redemption premiums thereon; refunding any revenue bonds or
        revenue refunding bonds heretofore issued under the
        provisions of this act, including the payment of and
        redemption premiums thereon; authorizing the Commission to
        fix tolls from time to time for use of the projects so
        combined; providing for the use of a facsimile of the
        signature of the Governor, and of the Chairman of the
        Commission in lieu of their manual signatures, and a
        facsimile of the official seal of the Commission upon any
        bonds issued under the provisions of this act, or any other
        act; authorizing the issuance of bonds for the payment of the
        construction of any turnpike, and giving certain definitions.

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

        Section 1.  As used in this act the following words and terms
     shall have the following meanings unless the context shall
     indicate another or different meaning or intent.
        (a)  The word "Commission" shall mean the Pennsylvania
     Turnpike Commission, created by the act, approved the twenty-
     first day of May, 1937 (Pamphlet Laws 774).
        (b)  The word "Turnpike" shall mean the turnpike heretofore
     constructed under the provisions of said act, approved the
     twenty-first day of May, 1937 (Pamphlet Laws 774).
        (c)  The term "Eastern Extension" shall mean the turnpike
     authorized to be constructed and financed under the provisions
     of the Pennsylvania Turnpike Philadelphia Extension Act,
     approved the sixteenth day of May, 1940 (Pamphlet Laws 949), as
     amended.
        (d)  The term "Western Extension" shall mean the turnpike
     authorized to be constructed and financed under the provisions
     of the Western Pennsylvania Turnpike Extension Act, approved the
     eleventh day of June, 1941 (Pamphlet Laws 101), as amended.
        (e)  The word "project" shall mean either the Turnpike or the
     Eastern Extension or the Western Extension.
        (f)  The word "cost" as applied to the Eastern Extension
     shall have the same meaning as the term "cost of the turnpike"
     as defined in said act, approved the sixteenth day of May, 1940,
     and as applied to the Western Extension shall have the same
     meaning as the term "cost of the turnpike," as defined in said
     act, approved the eleventh day of June, 1941.
        Section 2.  Notwithstanding any of the provisions of any of
     the acts hereinabove mentioned, and in addition to all other
     powers granted to it by law, the Commission is hereby authorized
     and empowered (1) to combine the Turnpike, the Eastern
     Extension, and the Western Extension, or any two thereof, for
     financing purposes under the provisions of this act, (2) to
     provide for the issuance at one time, or from time to time, of
     revenue bonds of the Commonwealth for any of the following
     purposes: (a) paying the cost of the Eastern Extension, and the
     cost of the Western Extension, (b) paying the cost of the
     Eastern Extension or the cost of the Western Extension, or the
     cost of both, and refunding any Turnpike revenue bonds, or
     Turnpike revenue refunding bonds, which shall have theretofore
     been issued by the Commission under the provisions of any of the
     acts hereinabove mentioned, or under the provisions of this act,
     and which shall then be outstanding, including the payment of
     any redemption premium thereon and, (c) refunding any revenue
     bonds or revenue refunding bonds theretofore issued under the
     provisions of this act, including the payment of any redemption
     premium thereon and, (3) to fix and revise, from time to time,
     tolls for the use of the project so combined.
        The issuance of revenue bonds under the provisions of this
     act, the maturities and other details thereof, the securing of
     such bonds by a trust indenture, the maintenance and operation
     of the projects so combined, the fixing and revising of tolls
     for the use of such projects, the exemption of such projects and
     such bonds from taxation, the rights of the holders of such
     bonds, and the rights, powers, duties, and obligations of the
     Commonwealth, and of the Commission in respect of the same,
     shall be governed by the provisions to said act, approved the
     twenty-fifth day of May, 1937 (Pamphlet Laws 774), as amended by
     the act, approved the twenty-fourth day of May, 1945 (Pamphlet
     Laws 972), in so far as the same may be applicable.
        Section 3.  Notwithstanding any of the provisions of any of
     the acts hereinabove mentioned, any revenue bonds hereafter
     issued by the Commission, whether under the provisions of any of
     said acts or under the provisions of this act, may be executed
     with the facsimile signatures of the Governor and the Chairman
     of the Commission in lieu of their manual signatures, and a
     facsimile of the official seal of the Commission may be affixed
     to such bonds in lieu of the official seal. In case any officer,
     whose signature or a facsimile of whose signature, shall appear
     on any such bonds, or coupons, shall cease to be such officer
     before the delivery of such bonds, such signatures or such
     facsimile, shall nevertheless be valid and sufficient for all
     purposes, the same as if he had remained in office until such
     delivery.