§ 117.52. Objective of Local Government Capital Projects Loan Program.
The Local Government Capital Projects Loan Program (Program) provides financial aid from the Commonwealth to municipalities for the purchase of equipment and the purchase, construction, renovation or rehabilitation of facilities. The Program is intended to give small local governments, who find the cost of borrowing at conventional rates to be prohibitive, an opportunity to secure needed funds at an interest rate of 2% per annum. Repayment will be made over a period not to exceed either 10 years or the useful life of the equipment or facilities, whichever is less.
Authority The provisions of this § 117.52 issued under section 7 of the Local Government Capital Project Loan Fund Act (53 P. S. § 6781-7).
Source The provisions of this § 117.52 adopted August 21, 1992, effective August 22, 1992, 22 Pa.B. 4315.
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