Temporary borrowing

Act 62 of 1984, § 14, under CAPITAL BUDGET ACT OF 1983 - 1984, SUPPLEMENT.

Act 62 of 1984, § 14

Section 14. Temporary borrowing.

Notwithstanding any provision of this act or of the act of July 20, 1968 (P.L.550, No.217), known as the Capital Facilities Debt Enabling Act, issuing officials shall have the authority, under this act and any other capital budget act, to issue bonds or notes upon public or private sale or upon invitation at such prices and interest rates as the issuing authorities may in their discretion determine for a period or maturity not to exceed three months, in an amount not to exceed $15,000,000. For issuance of these bonds or notes, the issuing officials do not have to comply with the provisions of section 9 of the Capital Facilities Debt Enabling Act. The authority granted in this section shall expire four months from the effective date of the act providing for the capital budget for the fiscal year 1984-1985.