2012 Pennsylvania Consolidated Statutes
Title 35 - HEALTH AND SAFETY
Chapter 73 - Commonwealth Services
Section 7378 - Temporary financing authorization

     § 7378.  Temporary financing authorization.
        (a)  General rule.--Pending the issuance of bonds of the
     Commonwealth, the Governor, Auditor General and State Treasurer
     are authorized on the credit of the Commonwealth to make
     temporary borrowings of such moneys as may from time to time be
     necessary to carry out the purposes of this subchapter and are
     authorized in the name and on behalf of the Commonwealth to
     enter into loan or credit agreements with any banks or trust
     companies or other lending institutions or persons in the United
     States having power to enter into the same.
        (b)  Notes.--All temporary borrowings made under the
     authority of this section shall be evidenced by notes of the
     Commonwealth, which shall be issued from time to time for such
     amounts not exceeding in the aggregate the sum of $100,000,000
     in such form and in such denominations, and subject to such
     terms and conditions of issue, prepayment or redemption and
     maturity, rate of interest and time of payment of interest, as
     the issuing officials shall direct. All notes issued under the
     authority of this section shall bear the facsimile signatures of
     the issuing officials and a facsimile of the Great Seal of the
     Commonwealth and shall be countersigned by one duly authorized
     officer of a duly authorized loan and transfer agent of the
     Commonwealth.
        (c)  Funding of notes.--All such notes shall be funded and
     retired by the issuance and sale of bonds of the Commonwealth to
     the extent that payment of such notes has not otherwise been
     made or provided for.
        (d)  Proceeds.--The proceeds of all such temporary borrowings
     shall be paid into the Volunteer Companies Loan Fund.