2010 Pennsylvania Code
Title 75 - VEHICLES
Chapter 89 - Pennsylvania Turnpike
8901 - Definitions.

                                CHAPTER 89
                          PENNSYLVANIA TURNPIKE

     Subchapter
        A.  Preliminary Provisions
        B.  Turnpike Extensions and Improvements

        Enactment.  Chapter 89 was added November 24, 1992, P.L.725,
     No.109, effective in 60 days.
        Cross References.  Chapter 89 is referred to in sections
     1506, 8102, 8116 of Title 74 (Transportation).

                               SUBCHAPTER A
                          PRELIMINARY PROVISIONS

     Sec.
     8901.  Definitions.
     § 8901.  Definitions.
        The following words and phrases when used in this chapter
     shall have the meanings given to them in this section unless the
     context clearly indicates otherwise:
        "Annual additional payments."  As follows:
            (1)  During the conversion period and after the
        conversion date, an amount equal to the scheduled annual
        commission contribution, minus the sum of:
                (i)  $200,000,000 paid as annual base payments;
                (ii)  any Interstate 80 savings for that fiscal year.
            (2)  If the conversion period has expired and a
        conversion notice has not been received by the secretary, in
        each subsequent fiscal year until the end of the term of the
        lease agreement, the annual additional payments shall be
        $250,000,000.
        "Annual base payments."  An amount equal to the sum of the
     following:
            (1)  Annual debt service on outstanding bonds issued
        under section 9511.2 (relating to special revenue bonds)
        payable as required pursuant to the bonds.
            (2)  Two hundred million dollars payable annually in four
        equal installments each due the last business day of each
        July, October, January and April.
        "Annual surplus payments."  An amount equal to the general
     reserve fund surplus payable for each fiscal year until the end
     of the term of the lease agreement.
        "Auditor General's certificate."  The certificate issued by
     the Auditor General within 180 days after the end of each fiscal
     year of the Pennsylvania Turnpike Commission certifying all of
     the following:
            (1)  The amount of the general reserve fund surplus for
        the fiscal year.
            (2)  After review of the commission's current ten-year
        capital plan, that the transfer of the general reserve fund
        surplus under section 8915.3 (relating to lease of Interstate
        80; related agreements) shall not impair the ability of the
        commission to meet its obligations under the lease agreement
        or the commission's ten-year capital plan.
        "Commission."  The Pennsylvania Turnpike Commission.
        "Conversion date."  The date set forth in the conversion
     notice when the Pennsylvania Turnpike Commission intends to
     exercise its option to convert Interstate 80 to a toll road.
        "Conversion notice."  Written notice to the Secretary of
     Transportation from the Pennsylvania Turnpike Commission
     providing notice of its intent to exercise its options to
     convert Interstate 80 under section 8915.3(3) (relating to lease
     of Interstate 80; related agreements).
        "Conversion period."  A period of three years:
            (1)  which begins on the date of execution of the lease
        agreement; and
            (2)  during which the Pennsylvania Turnpike Commission
        may give the Department of Transportation conversion notice
        or notice that the commission has exercised its option to
        extend the conversion period pursuant to section 8915.3(2)
        (relating to lease of Interstate 80; related agreements).
        "Fiscal year."  The fiscal year of the Commonwealth.
        "General reserve fund surplus."  The amount which:
            (1)  is certified by the Auditor General in the Auditor
        General's certificate as existing in the Pennsylvania
        Turnpike Commission's general reserve fund on the last day of
        the fiscal year of the commission; and
            (2)  is not required to be retained in the general
        reserve fund pursuant to any financial documents, financial
        covenants, insurance policies, liquidity policies or
        agreements in effect at the commission.
        "Interstate 80 savings."  An amount equal to the following:
            (1)  Prior to the conversion date, the amount shall be
        zero.
            (2)  In the first fiscal year, including the conversion
        date, the amount shall be a pro rata share of $116,985,856
        calculated using the number of calendar days in the year
        after the conversion date divided by 365 days.
            (3)  In the fiscal year succeeding the year, including
        the conversion date, the amount shall be $121,665,290.
            (4)  In subsequent fiscal years, the amount shall be the
        amount calculated for the previous year increased by 4%.
        "Lease agreement."  A lease agreement between the Department
     of Transportation and the Pennsylvania Turnpike Commission which
     shall include provisions setting forth the terms of the
     conversion of Interstate 80 to a toll road.
        "Scheduled annual commission contribution."  The following
     amounts:
            (1)  $750,000,000 in fiscal year 2007-2008.
            (2)  $850,000,000 in fiscal year 2008-2009.
            (3)  $900,000,000 in fiscal year 2009-2010.
            (4)  For fiscal year 2010-2011 and each fiscal year
        thereafter, the amount shall be the amount calculated for the
        previous year increased by 2.5%, except that the amount shall
        be equal to the annual base payments plus $250,000,000 if the
        conversion notice is not received by the secretary prior to
        the expiration of the conversion period.
     (July 18, 2007, P.L.169, No.44, eff. imd.)

        2007 Amendment.  Section 11.1 of Act 44 provided that Act 44
     shall apply retroactively to July 1, 2007.
        Cross References.  Section 8901 is referred to in section
     9501 of this title.