12 Pa. Code § 61.3. Restrictions on county allocations.

§ 61.3. Restrictions on county allocations.

(a)  Except as provided in subsection (b), allocations of tax-exempt bond authority to counties under §  61.5(3) (relating to allocations of tax-exempt bond authority) for small issue projects are subject to the following restrictions:
   (1)  A project shall be expected to generate at least one net new job or preserve one full-time job for every $50,000 of bond authority, within 3 years of the closing of the financing, to be eligible to receive an allocation. In order to satisfy this requirement, the applicant shall submit a letter, on the applicant’s letterhead, certifying that as an inducement for the Department to approve its allocation request, the applicant expects to create or preserve the requisite number of jobs. Included in the letter shall be a statement enumerating the jobs to be preserved and created in each of the following categories: professional, skilled, semiskilled, unskilled and others. This letter shall be submitted with the preliminary allocation request.
   (2)  An applicant who had a project approved after January 1, 1984 and who failed to meet its job projections within 3 years of closing, is not eligible to receive approvals on subsequent allocation requests.
(b)  The Secretary may, on a project by project basis, waive the restrictions imposed in subsection (a) if the Secretary determines that the waiver carries out the purposes of the act. The Secretary will waive the restrictions for projects in enterprise areas and in Federal disaster relief areas. Waiver requests will be evaluated by the Secretary in accordance with section 4(a)(2) of the act (73 P. S. §  397.4(a)(2)).

Source

   The provisions of this §  61.3 adopted January 10, 1986, effective January 1, 1986, 16 Pa.B. 129; amended January 30, 1987, effective retroactively to January 1, 1987, 17 Pa.B. 571. Immediately preceding text appears at serial pages (103702) to (103704).

Cross References

   This section cited in 12 Pa. Code §  61.6 (relating to allocation procedures).

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