loading…
loading…
219 PENNSYLVANIA UNEMPLOYMENT COMPENSATION LAW PENNSYLVANIA UNEMPLOYMENT COMPENSATION LAW PENNSYLVANIA UNEMPLOYMENT COMPENSATION LAW Section 1408. Commonwealth not to impair bond-related obligations.-- The Commonwealth pledges that it shall not do any of the following:
(1) Limit or alter the rights and responsibilities of the authority or the
department under this article, including the responsibility to:
(i) pay bond obligations and bond administrative expenses; and
(ii) comply with any other instrument or agreement pertaining to bonds.
(2) Alter or limit the security interest granted in section 1404(c).
(3) Impair the rights and remedies of the holders of bonds, until all bonds at
any time issued, together with the interest thereon, are fully met and
discharged. (1408 added June 12, 2012, P.L.577, No.60) Section 1409. No personal liability.-- The members, directors, officers and employees of the department and the authority are not personally liable as a result of good faith exercise of the rights and responsibilities granted under this article. (1409 added June 12, 2012, P.L.577, No.60) Section 1410. Expiration.-- The authority to issue bonds other than refinancing and refunding bonds under sections 1402 and 1404 shall expire December 31, 2016. (1410 added June 12, 2012, P.L.577, No.60) Section 1411. Annual report required.-- No later than March 1 of the year following the first full year in which bonds have been issued under this article and for each year thereafter in which bond obligations existed in the prior year, the department shall submit an annual report to the chairman and minority chairman of the Labor & Industry Committee of the Senate and to the chairman and minority chairman of the Labor & Industry Committee of the House of Representatives providing all data available on bonds issued or existing in the prior year. The report shall include, but not be limited to, existing and anticipated bond principal, interest and administrative costs, revenue, repayments, refinancing, overall benefits, including any savings to employers and any other relevant data, facts and statistics that the department believes necessary in the content of the report. (1411 added June 12, 2012, P.L.577, No.60)