(a) Issuance.--Local financing or owner financing may be used to issue bonds to finance qualified projects. (b) Restrictions.--Bonds issued under this chapter may not be general obligations of the municipality or county. (c) Use of proceeds.--Funds generated from the issuance of a bond may only be used for the following purposes: (1) Design, engineering and project development costs of a qualified project. (2) Infrastructure related to and necessary for a qualified project. (3) Purchase and installation cost of any equipment needed for a qualified project. (4) Payment of normal and customary issuance and closing fees of a bond. (5) Normal and customary administrative fees necessary to continue operations of the municipal or county financing agency. The fees can include, but are not limited to, audits and application fees.
Pennsylvania Legal Code