Pennsylvania Consolidated Statutes (Last Updated: January 27, 2015) |
Title74 TRANSPORTATION |
PARTII. PUBLIC TRANSPORTATION |
CHAPTER17. METROPOLITAN TRANSPORTATION AUTHORITIES |
SUBCHAPTERD. FUNDS AND BONDS OF AUTHORITIES |
§1773. Limitation on authority under Federal bankruptcy code.
Latest version.
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So long as an authority shall have outstanding any bonds issued under this chapter, the authority shall not be authorized to file a petition for relief under 11 U.S.C. Chapter 9 (relating to adjustment of debts of a municipality), and no public officer or agency or instrumentality of the Commonwealth shall authorize the authority to become a debtor under 11 U.S.C. Chapter 9 so long as any bonds issued under this chapter are outstanding.