§ 7304. Community disaster loans. Whenever, at the request of the Governor, the President has declared a major disaster to exist in this Commonwealth, the Governor is authorized:
(1) Upon determining that a political subdivision of this Commonwealth will suffer a substantial loss of tax and other revenues from a major disaster and has demonstrated a need for financial assistance to perform its governmental functions, to apply to the Federal Government, on behalf of the political subdivision, for a loan and to receive and disburse the proceeds of any approved loan to any applicant political subdivision.
(2) To determine the amount needed by any applicant political subdivision to restore or resume its governmental functions and to certify the amount to the Federal Government. No application amount shall exceed 25% of the annual operating budget of the applicant for the fiscal year in which the major disaster occurs.
(3) After review, recommend to the Federal Government the cancellation of all or any part of repayment when, in the first three full fiscal-year periods following the major disaster, the revenues of the political subdivision are insufficient to meet its operating expenses including additional disaster-related expenses of a municipal operation character.
Cross References. Section 7304 is referred to in section 7306 of this title.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal insurance products you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with access to legal services through a network of provider law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our provider law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your provider law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal insurance products, and access to the LegalFix network of provider law firms are subject to the LegalFix Terms of Service and Privacy Policy.
