Section 9511.7 – Exemption from Commonwealth taxation
§ 9511.7. Exemption from Commonwealth taxation. The effectuation of the purposes of this chapter is for the benefit of the citizens of this Commonwealth and for the improvement of their commerce and prosperity. Since the commission will be performing essential government functions in effectuating these purposes, the commission shall not be required to pay any […]
Section 9511.8 – Costs related to Federal income tax matters
§ 9511.8. Costs related to Federal income tax matters. Tax matter costs incurred by the commission in connection with any proceeding of or filing with the Internal Revenue Service concerning the use of proceeds of bonds issued under this chapter shall be paid or reimbursed from available funds in the motor license fund. Tax matter […]
Section 9511.9 – Special revenue refunding bonds
§ 9511.9. Special revenue refunding bonds. The commission is authorized to provide, by resolution, for the issuance of special revenue refunding bonds of the commission for the purpose of refunding any special revenue bonds, notes or other obligations issued under the provisions of this chapter and then outstanding. The issuance of the special revenue refunding […]
Section 9511.10 – Remedies of trustees and of holders of obligations
§ 9511.10. Remedies of trustees and of holders of obligations. (a) Grant of rights.–A holder of a bond, note or other obligation issued under this chapter and the trustee under the trust indenture may, either at law or in equity, by suit, action, mandamus or other proceeding, do all of the following: (1) Protect and […]
Section 9511.11 – Pledged revenues
§ 9511.11. Pledged revenues. (a) Annual debt service payments.–Upon receipt by the department of the annual debt service payments, the department shall pay them to the trustee for the holders of the bonds issued under section 9511.2 (relating to special revenue bonds). (b) Payment default.– (1) The department shall notify the State Treasurer if the […]
Section 9511.12 – (Reserved)
§ 9511.12. (Reserved). (July 18, 2007, P.L.169, No.44, eff. imd.) 2007 Amendment. Act 44 added section 9511.12 (Reserved).
Section 9511.13 – Supplement to other laws and liberal construction
§ 9511.13. Supplement to other laws and liberal construction. This chapter shall be regarded as supplemental and additional to powers conferred by other statutes and shall not be regarded as in derogation of any powers existing on the effective date of this section. The provisions of this chapter, being necessary for the welfare of the […]
Section 9512 – Severability of provisions
§ 9512. Severability of provisions. If any provision of this chapter or the application thereof to any person or circumstance is held invalid, the remainder of the chapter and the application of such provisions to other persons or circumstances shall not be affected thereby.
Section 9511.3 – Expenses
§ 9511.3. Expenses. (a) Reimbursement.–The commission shall be reimbursed from bond proceeds for the necessary and documented reasonable expenses incurred in the performance of the duties performed under the provisions of this chapter. (b) Source.–All expenses incurred in carrying out the provisions of this chapter shall be paid solely from funds provided under the authority […]
Section 9511.4 – Special revenue bonds and preliminary or interim financing
§ 9511.4. Special revenue bonds and preliminary or interim financing. (a) Authorization.–The commission is authorized to provide, by resolution, for the issuance of special revenue bonds of the commission up to an aggregate principal amount not exceeding $5,000,000,000, exclusive of original issue discount, for the purpose of paying the cost of the department and bond-related […]