Section 319. Time for issuance of bonds.
(a) General rule.--No bond shall be issued for the purpose of financing a deficit, other than a cash flow deficit, on a date later than December 31, 1994. No bond shall be issued for the purpose of financing a cash flow deficit on a date later than December 31, 1996.
(b) Bonds issued after January 2, 2022.--Upon the initial issuance of any bond on or after January 2, 2022, for the purpose of financing a capital project, additional bonds for the purpose of financing a capital project may only be issued beginning on each successive 10-year anniversary of the date of the initial issuance; provided that one or more series of the bonds may be issued from time to time during the first three years after the initial issuance and during the first three years of each 10-year period that begins on each 10-year anniversary of the initial issuance.
(c) Applicability.--The limitations provided in this section shall not apply to any bond to be issued to refund an outstanding bond issued under this act.
(319 amended July 7, 2022, P.L.440, No.36)