Timothy J. Horstmann of McNees Wallace & Nurick. Short-Term Borrowing for Local Governments, School Districts in COVID Uncertainty
Recent legislation passed by the Pennsylvania General Assembly offers a new short short-term borrowing option to local governments and school districts dealing with budget uncertainties related to the ongoing COVID-19 pandemic.
February 04, 2021 at 11:29 AM
5 minute read
Recent legislation passed by the Pennsylvania General Assembly offers a new short short-term borrowing option to local governments and school districts dealing with budget uncertainties related to the ongoing COVID-19 pandemic. House Bill 2536 was signed into law by Gov. Tom Wolf Nov. 23, 2020, as Act 114 of 2020. Among other things, Act 114 created a special, limited emergency tax and revenue anticipation note program for the 2021 calendar year. The new program will provide greater financial flexibility to local governments and school districts as they await the results of tax collections in the coming months.
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