55 Pa. Stat. § 561

Current through Pa Acts 2024-53, 2024-56 through 2024-64
Section 561 - Pledge by Commonwealth

The Commonwealth does hereby pledge to, and agree with any person, firm or corporation or Federal agency subscribing to or acquiring the bonds to be issued by the authority for the construction, extension, improvement or enlargement of any facility, or part thereof, that the Commonwealth will not limit or alter the rights hereby vested in the authority, until all bonds, at any time issued, together with the interest thereon, are fully met and discharged. The Commonwealth of Pennsylvania does further pledge to, and agree with the United States and any other Federal agency, that in the event any Federal agency shall construct or contribute any funds for the construction, extension, improvement or enlargement of any facility, or portion thereof, the Commonwealth will not alter or limit the rights and powers of the authority in any manner which would be inconsistent with the continued maintenance and operation of the facility, or the improvement thereof, or which would be inconsistent with the due performance of any agreements between the authority and any such Federal agency, and the authority shall continue to have and may exercise all powers herein granted, so long as the same may be necessary or desirable for the carrying out of the purposes of this act and the purposes of the United States in the construction or improvement or enlargement of the facility or such portion thereof.

55 P.S. § 561

1956, April 6, P.L. (1955) 1414, § 11.