{"id":125044,"date":"2023-11-15T22:50:42","date_gmt":"2023-11-16T03:50:42","guid":{"rendered":"https:\/\/www.thevalleyledger.com\/?p=125044"},"modified":"2023-11-15T22:50:42","modified_gmt":"2023-11-16T03:50:42","slug":"treasurer-stacy-garrity-authorizes-short-term-funding-to-keep-capital-projects-moving","status":"publish","type":"post","link":"https:\/\/www.thevalleyledger.com\/?p=125044","title":{"rendered":"Treasurer Stacy Garrity Authorizes Short-Term Funding to Keep Capital Projects Moving"},"content":{"rendered":"

Harrisburg, PA\u00a0<\/strong>\u2014 Treasurer Stacy Garrity today announced that she has authorized a $500 million line of credit from\u00a0<\/a>Treasury\u2019s Liquid Asset Pool (formerly known as the Short-Term Investment Pool) to the state\u2019s Capital Facilities Fund to ensure timely payments can be made to support ongoing capital projects.<\/p>\n

\u201cImportant capital improvement projects, including highway construction, flood control infrastructure and other critical public improvements, are happening right now in communities across our state,\u201d Treasurer Garrity said. \u201cThis is the most efficient \u2013 and the most cost-effective \u2013 way to ensure that they continue uninterrupted.\u201d<\/p>\n

Following the General Assembly\u2019s passage of\u00a0House Bill 623<\/a>\u00a0this week, the Commonwealth will begin the process of issuing new general obligation bonds for the Capital Facilities Fund. In the meantime, Treasury\u2019s $500 million line of credit \u2013 an amount agreed to with the Governor\u2019s Office of the Budget, which manages the Capital Facilities Fund \u2013 will allow critical projects to continue moving forward.<\/p>\n

Last month, Treasury projected that the Capital Facilities Fund would become cash-flow insolvent by mid-November without additional funding. Thanks to the General Assembly\u2019s action on HB 623 and Treasury\u2019s authorization of a line of credit, that scenario will be avoided.<\/p>\n

The line of credit is to be repaid within five business days following the closing of the new debt issuance or March 1, 2024, whichever is earlier.<\/p>\n

STACY GARRITY, STATE TREASURER<\/p>\n

www.patreasury.gov<\/a><\/p>\n

 <\/p>\n

Information provided to TVL by:
\nSamantha Heckel<\/p>\n

 <\/p>\n

\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Harrisburg, PA\u00a0\u2014 Treasurer Stacy Garrity today announced that she has authorized a $500 million line of credit from\u00a0Treasury\u2019s Liquid Asset Pool (formerly known as the Short-Term Investment Pool) to the … Continue reading Treasurer Stacy Garrity Authorizes Short-Term Funding to Keep Capital Projects Moving<\/span> →<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":120734,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false},"version":2}},"categories":[69,482],"tags":[],"class_list":["post-125044","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-in-the-valley","category-press-release-2"],"jetpack_publicize_connections":[],"acf":[],"jetpack_featured_media_url":"https:\/\/www.thevalleyledger.com\/wp-content\/uploads\/2023\/07\/Pennsylvania-Treasury.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.thevalleyledger.com\/index.php?rest_route=\/wp\/v2\/posts\/125044"}],"collection":[{"href":"https:\/\/www.thevalleyledger.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.thevalleyledger.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.thevalleyledger.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.thevalleyledger.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=125044"}],"version-history":[{"count":0,"href":"https:\/\/www.thevalleyledger.com\/index.php?rest_route=\/wp\/v2\/posts\/125044\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.thevalleyledger.com\/index.php?rest_route=\/wp\/v2\/media\/120734"}],"wp:attachment":[{"href":"https:\/\/www.thevalleyledger.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=125044"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.thevalleyledger.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=125044"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.thevalleyledger.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=125044"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}