Bill > SB323

This bill establishes the Keystone National Finance Authority, an independent public instrumentality of the Commonwealth of Pennsylvania, to promote economic development and job creation by providing financing for various projects across the United States. The Authority will be governed by a board with diverse expertise, and its operations will be managed by a contracted administrator who is a registered municipal advisor with experience in governmental entity financing. The Authority is empowered to issue bonds, both taxable and tax-exempt, to finance projects such as infrastructure, industrial and commercial facilities, and transit-oriented development, but these bonds will not represent a debt of the Commonwealth, being payable solely from project revenues. The bill also outlines the Authority's powers, including entering into financing agreements, acquiring and disposing of property, and managing its finances, while ensuring transparency through annual audits and public financial statements.