Pennsylvania Act 1974-207 — NURSING HOME LOAN AGENCY LAW

Act text

NURSING HOME LOAN AGENCY LAW
                 Act of Jul. 22, 1974, P.L. 610, No. 207              Cl. 64
                                  AN ACT

     Providing loans for the repair, reconstruction and
        rehabilitation of nursing homes in order for them to comply
        with State and Federal Safety Standards; empowering the
        Governor, State Treasurer and Auditor General to issue
        general obligation bonds for this purpose; creating the
        Pennsylvania Nursing Home Loan Agency as a public corporation
        and government instrumentality; and empowering this agency to
        make loans and refinance loans to eligible nursing homes
        according to provisions of this act and making an
        appropriation.

        Compiler's Note:  Section 9 of Act 10 of 1996 provided that
            Act 207 is repealed with the exception of sections 404,
            405 and 408.

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

                                ARTICLE I
                            General Provisions
              (Art. I repealed Feb. 23, 1996, P.L.27, No.10)

        Section 101.  Short Title.--(101 repealed Feb. 23, 1996,
     P.L.27, No.10)
        Compiler's Note:  Prior to its repeal, section 101 read as
            follows:
                Section 101.  Short Title.--This act shall be known
            and may be cited as the "Nursing Home Loan Agency Law."
        Section 102.  Legislative Finding.--(102 repealed Feb. 23,
     1996, P.L.27, No.10)
        Section 103.  Definitions.--(103 repealed Feb. 23, 1996,
     P.L.27, No.10)
                                ARTICLE II
                  Pennsylvania Nursing Home Loan Agency
             (Art. II repealed Feb. 23, 1996, P.L.27, No.10)

        Section 201.  Agency Creation.--(201 repealed Feb. 23, 1996,
     P.L.27, No.10)
        Section 202.  Agency Membership.--(202 repealed Feb. 23,
     1996, P.L.27, No.10)
        Section 203.  Agency Powers.--(203 repealed Feb. 23, 1996,
     P.L.27, No.10)
        Section 204.  Agency Moneys.--(204 repealed Feb. 23, 1996,
     P.L.27, No.10)
        Section 205.  General Funds.--(205 repealed Feb. 23, 1996,
     P.L.27, No.10)
        Section 206.  Agency Audits and Reports.--(206 repealed Feb.
     23, 1996, P.L.27, No.10)
        Section 207.  Continuing Appropriation to the Agency.--(207
     repealed Feb. 23, 1996, P.L.27, No.10)
                               ARTICLE III
                            Nursing Home Loans
             (Art. III repealed Feb. 23, 1996, P.L.27, No.10)

        Section 301.  Qualification of Applicants.--(301 repealed
     Feb. 23, 1996, P.L.27, No.10)
        Section 302.  Loan Application Requirements.--(302 repealed
     Feb. 23, 1996, P.L.27, No.10)
        Section 303.  Priorities Among Applicants.--(303 repealed
     Feb. 23, 1996, P.L.27, No.10)
        Section 304.  Loan Refinancing.--(304 repealed Feb. 23, 1996,
     P.L.27, No.10)
        Section 305.  Credit of the Commonwealth or any Subdivision
     Thereof not Pledged.--(305 repealed Feb. 23, 1996, P.L.27,
     No.10)
                                ARTICLE IV
                         General Obligation Bonds
             (Art. IV repealed Feb. 23, 1996, P.L.27, No.10)

        Section 401.  Authority to Borrow.--(401 repealed Feb. 23,
     1996, P.L.27, No.10)
        Section 402.  Bonds, Issue, Maturity, Interest, Etc.--(402
     repealed Feb. 23, 1996, P.L.27, No.10)
        Section 403.  Sale of Bonds.--(403 repealed Feb. 23, 1996,
     P.L.27, No.10)
        Section 404.  Refunding Bonds.--The Governor, Auditor General
     and the State Treasurer are hereby authorized to provide, by
     resolution, for the issuance of refunding bonds for the purpose
     of refunding any bonds issued under the provisions of this act
     and then outstanding, either by voluntary exchange with the
     holders of such outstanding bonds, or to provide funds to redeem
     and retire such outstanding bonds with accrued interest and any
     premium payable thereon, at maturity or at any call date. The
     issuance of such refunding bonds, the maturities and other
     details thereof, the rights of the holders thereof, and the
     duties of the Governor, Auditor General and the State Treasurer
     in respect to the same, shall be governed by the foregoing
     provisions of this act, in so far as the same may be applicable.
     Refunding bonds may be issued by the Governor, Auditor General
     and the State Treasurer to refund bonds originally issued or to
     refund bonds previously issued for refunding purposes.
        Section 405.  Disposition and Use of Proceeds.--(a)  The
     proceeds realized from the sale of bonds under the provisions of
     this act shall be paid into a special fund in the State
     treasury, hereby created, to be known as the "Nursing Home Loan
     Development Fund," and are hereby specifically dedicated to the
     purposes of the referendum of May 21, 1974 and the referendum of
     November 2, 1982 as implemented by this act. The moneys shall be
     paid by the State Treasurer periodically to those departments,
     agencies, or authorities authorized to expend same at such times
     and in such amounts as may be necessary to satisfy the funding
     needs of the department, agency or authority. ((a) amended July
     9, 1984, P.L.665, No.141)
        (b)  Pending their application to the purposes authorized,
     moneys held or deposited by the State Treasurer may be invested
     or reinvested as are other funds in the custody of the State
     Treasurer in the manner provided by law. All earnings received
     from the investment or deposit of such funds shall be paid into
     the State treasury to the credit of the Nursing Home Loan
     Sinking Fund.
        Section 406.  Registration of Bonds.--(406 repealed Feb. 23,
     1996, P.L.27, No.10)
        Section 407.  Reporting Requirements.--(407 repealed Feb. 23,
     1996, P.L.27, No.10)
        Section 408.  (a)  Nursing Home Loan Sinking Fund;
     Investments.--All bonds issued under the authority of this
     article shall be redeemed at maturity and all interest due from
     time to time on such bonds shall be paid from the Nursing Home
     Loan Sinking Fund, which is hereby created. For the specific
     purpose of redeeming said bonds at maturity and paying all
     interest thereon in accordance with the information received
     from the Governor, the General Assembly shall appropriate moneys
     to the Nursing Home Loan Sinking Fund for the payment of
     interest on said bonds and the principal thereof at maturity.
     All moneys paid into the Nursing Home Loan Sinking Fund, and all
     of such moneys not necessary to pay accruing interest shall be
     invested by the Board of Finance and Revenue in such securities
     as are provided by law for the investment of the sinking funds
     of the Commonwealth.
        (b)  The Board of Finance and Revenue is authorized at any
     time to use any of the moneys in the Nursing Home Loan
     Development Fund not necessary for the purposes of the
     referendum of May 21, 1974 and the referendum of November 2,
     1982 for the purchase and retirement of all or any part of the
     bonds issued under the authority of this article. In the event
     that all or any part of said bonds shall be purchased by the
     Board of Finance and Revenue, they shall be canceled and
     returned to the Loan and Transfer Agent as canceled and paid
     bonds and thereafter all payments of interest thereon shall
     cease, and the canceled bonds and coupons shall be destroyed
     within two years after cancellation in the presence of the
     Governor, the Auditor General and the State Treasurer, or their
     designees, and a certificate evidencing the destruction,
     satisfactory to the duly authorized loan and transfer agent of
     the Commonwealth shall be furnished to it. All canceled bonds
     and coupons shall be so marked as to make the canceled bonds and
     coupons nonnegotiable. ((b) amended July 9, 1984, P.L.665,
     No.141)
        Section 409.  Quorum.--(409 repealed Feb. 23, 1996, P.L.27,
     No.10)
        Section 410.  Expenses of Preparation, Issue and Sale of
     Bonds.--(410 repealed Feb. 23, 1996, P.L.27, No.10)
        Section 411.  Nursing Home Loan Sinking Fund.--(411 repealed
     February 23, 1996, P.L.27, No.10)
                                ARTICLE V
                  Severability Clause and Effective Date
              (Art. V repealed Feb. 23, 1996, P.L.27, No.10)
        Section 501.  Severability Clause.--(501 repealed Feb. 23,
     1996, P.L.27, No.10)
        Section 502.  Appropriations.--(502 repealed Feb. 23, 1996,
     P.L.27, No.10)
        Section 503.  Effective Date.--(503 repealed Feb. 23, 1996,
     P.L.27, No.10)