Pennsylvania Act 2005-52 — CAPITAL BUDGET AUTHORIZATION AND HIGHWAY PROJECT ITEMIZATION ACT OF 2005-2006

Act text

AN ACT

Providing for the capital budget for the fiscal year 2005-2006, itemizing public highway projects to be constructed or acquired by the Department of Transportation, together with their estimated financial costs; authorizing the incurring of debt without the approval of the electors for the purpose of financing the projects to be constructed or acquired by the Department of Transportation; stating the estimated useful life of the projects; and making appropriations.

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 Authorization and Highway Project Itemization Act of 2005-2006.

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

(c) Capital Facilities Debt Enabling Act.--The provisions and definitions of Chapter 3 of the act of February 9, 1999 (P.L.1, No.1), known as the Capital Facilities Debt Enabling Act, 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 2005-2006 fiscal year, and thereafter until the enactment of the 2006-2007 capital budget specifying the maximum debt for the 2006-2007 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. Total authorization.

The total authorization for the capital projects in the category of highway projects itemized in section 4 and to be constructed by the Department of Transportation, its successors or assigns and to be financed by the incurring of debt or from current revenues of the Motor License Fund shall be $3,433,000.

Section 4. Itemization of public highway projects.

Additional capital projects in the category of public highway projects to be constructed by the Department of Transportation, its successors or assigns and to be financed by the incurring of debt or from current revenues of the Motor License Fund are hereby itemized, together with their respective estimated financial costs, as follows:

Section 5. Debt authorization.

The Governor, the Auditor General and the State Treasurer are hereby authorized and directed to borrow, from time to time, in addition to any authorization heretofore or hereafter enacted, on the credit of the Commonwealth, subject to the limitations provided in the current capital budget, money not exceeding in the aggregate the sum of $3,433,000 as may be found necessary to carry out the acquisition and construction of the highway projects specifically itemized in section 4 of this capital budget.

Section 6. Issue of bonds.

The indebtedness authorized in this act shall be incurred, from time to time, and shall be evidenced by one or more series of general obligation bonds of the Commonwealth in such aggregate principal amount for each series as the Governor, the Auditor General and the State Treasurer shall determine, but the latest stated maturity date shall not exceed the estimated useful life of the projects being financed as stated in section 7.

Section 7. Estimated useful life and term of debt.

(a) Estimated useful life.--The General Assembly states that the estimated useful life of the public highway projects itemized in this act is 30 years.

(b) Term of debt.--The maximum term of the debt authorized to be incurred under this act is 30 years.

Section 8. Appropriations.

The net proceeds of the sale of the obligations herein authorized are hereby appropriated from the Capital Facilities Fund to the Department of Transportation in the maximum amount of $3,433,000 to be used by it exclusively to defray the financial costs of the projects specifically itemized in section 4 of this capital budget. After reserving or paying the expenses of the sale of the obligation, the State Treasurer shall pay out to the Department of Transportation the moneys as required and certified by it to be legally due and payable.

Section 9. Federal funds.

In addition to those funds appropriate in section 8, all moneys received from the Federal Government for the projects specifically itemized in this act are also hereby appropriated for those projects.

Section 10. Effective date.

This act shall take effect July 1, 2005, or immediately, whichever is later.