Consideration of SB 1257, and SB 682

Senate Committee on Community, Economic and Recreational Development

Tuesday, March 27, 2012 at 10 A.M.
Room 8 E-B East Wing

Please click on links to view documents and testimony

Senate Bill No. 1257, Printer’s No. 1579 (Earll), Amending Titles 12 (Commerce and Trade) and 64 (Public Authorities and Quasi-Public Corporations) of the Pennsylvania Consolidated Statutes providing for the Liberty Financing Authority; imposing duties on the Department of Community and Economic Development; and making related repeals.
Senate Bill No. 1257 Summary

[A08929](Earll) – This amendment enables the Liberty Financing Authority to issue limited obligation revenue bonds and other types of limited obligation revenue financing, as was previously allowed under the Pennsylvania Industrial Development Authority.  In addition, bonds may be issued under one or more separate resolutions or trust agreements.  A series of bonds may be separately secured from another series of bonds under the resolutions or trust agreements.  Amendment provides for revolving loan program accounts, repeal of the First Industries and Second Stage Loan Guarantee Programs.  The amendment provides for transfer from the Commonwealth Financing Authority to the Liberty Financing Authority of the First Industries Loan Program and the Second Stage Loan Guarantee Program.  Further, it provides for interest revenue-sharing on a quarterly basis to the originating economic development organization to offset administrative expenses and the cost of fulfilling certification obligations.

Attachment 1

Senate Bill No. 682, Printer’s No. 926 (Fontana), Amending Title 64 (Public Authorities and Quasi-Public Corporations) of the Pennsylvania Consolidated Statutes, providing for the definition of “small business”,  providing for indebtedness and for Second Stage Loan Guarantee Program to become the Small Business Investment Guarantee Program.

Senate Bill No. 682 Summary

[A09376] (Fontana)This amendment has technical and substantive changes.  (Amendment and description forthcoming)