We will soon re-introduce legislation to create the Keystone National Finance Authority to finance infrastructure and other public benefit projects, creating construction jobs and spurring economic development throughout the Commonwealth.

Fifteen years ago, Wisconsin created a similar authority which has issued billions of dollars in bonds and generated significant fee revenue.

The Keystone National Finance Authority would be governed by a board whose members would be appointed by the Governor, the State Treasurer, the Auditor General, the President Pro Tempore of the Senate, the Speaker of the House, the Minority Leader of the Senate, and the Minority Leader of the House.

The board will have the authority to issue conduit bonds for projects throughout the country. Pennsylvania will then receive fees for each bond issued wherever the project is located.

To ensure accountability, the Keystone National Finance Authority will be examined and audited annually. A copy of the audited financial statements will be sent to the Legislative Reference Bureau for publication.

Local control will be maintained for all projects in Pennsylvania as local authorities must approve all projects financed by the Keystone National Finance Authority by holding public hearings.

Please join us in co-sponsoring this legislation which passed the Senate Finance Committee last session with bipartisan support.