Section 1802-A. Definitions.
The following words and phrases when used in this article shall have the meanings given to them in this section unless the context clearly indicates otherwise:
"Authority." The Pennsylvania Economic Development Financing Authority.
"Bond." A type of revenue obligation, including a bond or series of bonds, note, certificate or other instrument, issued by the authority for the benefit of the department under this article.
"Bond administrative expenses." Expenses incurred to administer bonds issued by the authority under this article as provided under the Financing Law or as otherwise necessary to ensure compliance with Federal or State law.
"Bond obligations." The principal of a bond and any premium and interest payable on a bond issued by the authority under this article, together with any amount owed under a related credit agreement or a related resolution of the authority authorizing a bond, including refunding bonds.
"Commonwealth Financing Authority." The authority created under 64 Pa.C.S. Ch. 15 (relating to Commonwealth Financing Authority).
"Comprehensive real estate plan." A plan or feasibility study for a prospective site which may include the best future use of a current parcel or parcels for best economic growth opportunities for redevelopment or new development.
"Credit agreement." A loan agreement, a revolving credit agreement, an agreement establishing a line of credit, a letter of credit or another agreement that enhances the marketability, security or creditworthiness of a bond.
"Department." The Department of Community and Economic Development of the Commonwealth.
"Economic development organization." A nonprofit organization whose mission is to advance the economic development needs of a locality or region.
"Eligible applicant." One of the following entities located within this Commonwealth:
(1) a municipality;
(2) an economic development organization;
(3) a redevelopment authority;
(4) a municipal authority;
(5) an industrial development agency; or
(6) a for-profit organization.
"Eligible projects." Any of the following:
(1) The development of a comprehensive real estate plan.
(2) The development of industrial sites that provide for the relocation or expansion of businesses to or within this Commonwealth.
(3) The development, or conversion, of buildings or land for mixed-use development.
"Financing Law." The act of August 23, 1967 (P.L.251, No.102), known as the Economic Development Financing Law.
"Fund." The PA SITES Fund established under section 1806-A.
"Industrial development agency." As defined under section 3 of the act of May 17, 1956 (1955 P.L.1609, No.537), known as the Pennsylvania Industrial Development Authority Act.
"Multimodal Transportation Funding Program." A program authorized under 74 Pa.C.S. Ch. 21 (relating to Multimodal Fund).
"Municipal authority." A body corporate and politic created under 53 Pa.C.S. Ch. 56 (relating to municipal authorities); the former act of June 28, 1935 (P.L.463, No.191), known as the Municipality Authorities Act of one thousand nine hundred and thirty-five; or the former act of May 2, 1945 (P.L.382, No.164), known as the Municipality Authorities Act of 1945.
"Municipality." A county, city, borough, incorporated town, township or home rule municipality.
"Office." The Office of the Budget of the Commonwealth.
"PA Small Water and Sewer Program." The program established in section 1774.1-A.
"Program." The Pennsylvania Strategic Investments To Enhance Sites Program or PA SITES Program established under section 1808-A.
"Redevelopment authority." A public body and a body corporate and politic created and organized under the act of May 24, 1945 (P.L.991, No.385), known as the Urban Redevelopment Law.
(1802-A added July 11, 2024, P.L.550, No.54)