Bill > SB323

This bill establishes the Keystone National Finance Authority (KNFA), a new independent public authority designed to support economic development across the United States through conduit financing. The authority will be able to issue tax-exempt and taxable bonds to fund projects in multiple states and territories, focusing on initiatives that create jobs, revitalize communities, and support infrastructure development. The KNFA will be governed by a 12-member board appointed by various state officials, including the Governor, State Treasurer, Auditor General, and legislative leaders. The board members will serve without compensation but will be reimbursed for expenses. The authority can issue bonds to finance a wide range of projects, including industrial, commercial, residential, transportation, energy, and healthcare facilities, with proceeds used for making loans, purchasing mortgages, paying administrative costs, and funding reserves. Importantly, the bonds issued by the KNFA will not be a debt or liability of the Commonwealth of Pennsylvania, and the authority will be self-funded through fees and bond proceeds. The bill includes provisions to ensure transparency, including annual audits and financial statement publication, and establishes guidelines for the authority's operations, bond issuance, and financial management. The KNFA is intended to provide an additional financing mechanism to support economic development without competing with existing state agencies or authorities.

Budget and Finance

https://www.legis.state.pa.us/cfdocs/billinfo/bill_history.cfm?syear=2025&sind=0&body=S&type=B&bn=323