By James Roxbury
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The Senate Local Government Committee met at 10:30 Wednesday morning.
Senate Bills 340,341,342,343,344 were moved out of committee by unanimous votes, Chairman Hutchinson describes the bills as dealing with local government debt and financial security.
Description of the bills and final votes.
Senate Bill 340.
An Act amending Title 53 (Municipalities Generally) of the Pennsylvania Consolidated Statutes, in indebtedness and borrowing, further providing for definitions, for classification and authority to issue bonds and notes, for cost of project and for exclusion of other self-liquidating debt to determine net nonelectoral debt or net lease rental debt; providing for preliminary filings with the department prior to the issuance of certain debt; further providing for small borrowing for capital purposes, for debt statement, for submission to department, for certificate of approval of transcript, for effect of failure of timely action by department and for records of department; and providing for duties of participants in transactions relating to incurring debt and issuing bonds and notes.
Prime Sponsor:
Senator EICHELBERGER
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Senate Bill 341.
An Act amending Titles 53 (Municipalities Generally) and 65 (Public Officers) of the Pennsylvania Consolidated Statutes, in municipal authorities, further providing for money of authority and for competition in award of contracts; and, in ethics standards and financial disclosure, further providing for investigations by commission.
Prime Sponsor:
Senator BLAKE
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Senate Bill 342.
An Act amending Title 53 (Municipalities Generally) of the Pennsylvania Consolidated Statutes, in municipal authorities, providing for interest rate risk and interest cost management; and, in indebtedness and borrowing, further providing for definitions; and expanding the scope of provisions relating to interest rate risk and interest cost management to include authorities.
Prime Sponsor:
Senator FOLMER
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Senate Bill 343.
An Act providing for requirements for interest rate management agreements entered into by a city or county of the first class.
Prime Sponsor:
Senator TEPLITZ
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Senate Bill 344.
An Act amending the act of December 20, 1967 (P.L.869, No.385), known as the Public Works Contractors' Bond Law of 1967, further providing for duty of prime contractor to provide financial security in certain contracts involving public works and public improvements.
Prime Sponsor:
Senator EICHELBERGER