The proposed bill amends Title 64 of the Pennsylvania Consolidated Statutes to establish the Keystone National Finance Authority, aimed at enhancing economic development financing within Pennsylvania and beyond. The new Chapter 17 outlines the authority's governance structure, powers, and bond issuance processes, emphasizing job creation, community revitalization, and financing for infrastructure and affordable housing. The authority will operate independently, funded by its own income, and will have the power to issue bonds and engage in conduit financing. It is also required to undergo annual audits and collaborate with executive agencies without financial reimbursement.

Key provisions include the authority's governance framework, detailing the roles of its board members appointed by various state officials and legislative bodies. The bill grants the authority extensive powers, including the ability to adopt bylaws, sue, and enter financial agreements, while ensuring equal opportunity in employment and contracting. It introduces amendments regarding bond issuance, specifying that bonds will not constitute a debt of the Commonwealth and will be payable solely from the authority's revenues. Additionally, the bill clarifies tax implications for the authority and bondholders, establishes eligible entities for bond holding, and outlines the rights of bondholders. The act is set to take effect 60 days after passage.

Statutes/Laws affected:
Printer's No. 2508 (Oct 23, 2025):