Section 1804-A. Criteria for bond issuance.
(a) Issuance.--Bonds may be issued in one or more series, and each series may finance: loans and reimbursement grants by the department under the program; grants that the Commonwealth Financing Authority may make under the Multimodal Transportation Funding Program; and, grants the Commonwealth Financing Authority may make under the PA Small Water and Sewer Program.
(b) Terms.--
(1) The department, with the approval of the office, shall specify in the department's application to the authority:
(i) the maximum principal amount of the bonds for each bond issue; and
(ii) the maximum term of the bonds consistent with applicable laws.
(2) The total aggregate principal amount for all bonds issued under this article may not exceed $500,000,000.
(3) The term of the bonds issued under this article may not exceed 30 years from the respective date of original issuance, excluding refunding bonds.
(1804-A added July 11, 2024, P.L.550, No.54)