neighborhood improvement zone, a city may apply to the
Department of Community and Economic Development to decertify
and remove the designation of all or part of the Keystone
Opportunity Zone on behalf of all political subdivisions. The
provisions of section 309 of the act of October 6, 1998
(P.L.705, No.92), known as the Keystone Opportunity Zone,
Keystone Opportunity Expansion Zone and Keystone Opportunity
Improvement Zone Act, shall be deemed satisfied as to all
political subdivisions. The Department of Community and Economic
Development shall act on the application within 30 days.
Section 1909-B.1. Duration.
The expanded neighborhood improvement zone shall be in effect
for a period equal to one year following retirement of all bonds
issued to finance or refinance the improvement and development
of the expanded neighborhood improvement zone or the
construction of the facility. The maximum term of the bond,
including the refunding of the bond, shall not exceed 30 years.
Section 1910-B.1. Commonwealth pledges.
If and to the extent that the contracting authority pledges
amounts required to be transferred to the account of the
contracting authority under section 1904-B.1 for the payment of
bonds issued by the contracting authority, until all bonds
secured by the pledge of the contracting authority, together
with the interest on the bonds, are fully paid or provided for,
the Commonwealth pledges to and agrees with any person, firm,
corporation or government agency, whether in this Commonwealth
or elsewhere, and to and with any Federal agency subscribing to
or acquiring the bonds issued by the contracting authority that
the Commonwealth itself will not nor will it authorize any
government entity to abolish or reduce the size of the expanded
20230HB0899PN0881 - 24 -
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30