Bill > HB1989

This bill establishes the Keystone National Finance Authority, an independent public authority designed to promote economic development across the United States by issuing conduit revenue bonds. The authority will be governed by a diverse nine-member board appointed by various state officials, including the Governor, State Treasurer, Auditor General, and legislative leadership. The authority can finance a wide range of projects, including infrastructure, transportation systems, industrial parks, energy facilities, housing developments, and other economic initiatives in one or more states or territories. Key provisions include the ability to issue both tax-exempt and taxable bonds, enter into financing agreements, acquire and sell loans, and provide financial support through loans, grants, and guarantees. The authority is specifically structured to be financially independent, with expenses paid from its own assets and no direct financial liability for the Commonwealth. The board members will serve without compensation but can be reimbursed for expenses, and the authority will be subject to annual independent audits. Importantly, bonds issued by the authority will not constitute a debt of the Commonwealth and will be payable solely from project revenues or other designated funding sources. The bill aims to create a flexible financial tool to stimulate economic development and provide additional financing options for various projects across the United States.

Budget and Finance

https://www.palegis.us/legislation/bills/2025/hb1989