1583 Participation and interest rates  

  • PENNSYLVANIA INDUSTRIAL DEVELOPMENT AUTHORITY

    Participation and Interest Rates

    [28 Pa.B. 4850]

       The Pennsylvania Industrial Development Authority (PIDA) gives notice of the adoption of PIDA participation and interest rates for loans approved by the PIDA Board of Directors. The rates, which were adopted by the PIDA Board of Directors at its meeting held July 1, 1998, are effective as of that date and will remain in effect until changed by a notice in the Pennsylvania Bulletin. The rates follow as Annex A.

       The PIDA Board retains the right to waive or modify the rates, to the extent that such are not mandated by law, on a case by case basis for good cause shown.

       Further information can be obtained from the Pennsylvania Industrial Development Authority, Room 481, Forum Building, Harrisburg, PA 17120, (717) 787-6245.

    SAMUEL A. MCCULLOUGH,   
    Chairperson

    Annex A

    PIDA

    PARTICIPATION AND INTEREST RATES
    FOR COUNTIES AND MUNICIPALITIES*
    OVER 25,000 POPULATION

    Effective July 1998 through June 1999

    Maximum
    PIDAInterest
    ParticipationRate**
       (S)
    %
    (L)      
    %   
    ADAMS40 ***30 ****6.75
    ALLEGHENY40 ***30****6.75
       McKeesport City4030****3.75
       Pittsburgh City40 ***30****5.25
    ARMSTRONG 40 40 *** 3.75
    BEAVER 40 *** 40 *** 5.25
    BEDFORD 40 40 *** 3.75
    BERKS 40 *** 40 *** 6.75
       Reading City 40 40 *** 5.25
    BLAIR 40 *** 40 *** 5.25
       Altoona City 40 40 *** 5.25
    BRADFORD 40 *** 40 *** 5.25
    BUCKS 40 *** 40 *** 6.75
       Bensalem Twp. 40 *** 40 *** 5.25
       Bristol Twp. 40 *** 40 *** 5.25
    BUTLER 40 *** 40 *** 5.25
    CAMBRIA 40 40 3.75
    CAMERON 40 40 *** 3.75
    CARBON 40 40 *** 3.75
    CENTRE 30**** 30**** 6.75
    CHESTER 30**** 30**** 6.75
    CLARION 40 40 *** 5.25
    CLEARFIELD 40 40 3.75
    CLINTON 40 40 *** 3.75
    COLUMBIA 40 40 *** 3.75
    CRAWFORD 40 *** 40 *** 5.25
    CUMBERLAND 30**** 30**** 6.75
    DAUPHIN 30**** 30**** 6.75
       Harrisburg 40 *** 30**** 5.25
    DELAWARE 40 *** 30**** 6.75
       Chester City 40 40 3.75
    ELK 40 40 *** 5.25
    ERIE 40 *** 40 *** 5.25
       Erie City 40 40 *** 3.75
    FAYETTE 40 40 3.75
    FOREST 40 40 3.75
    FRANKLIN 40 *** 30**** 5.25
    FULTON 40 40 *** 3.75
    GREENE 40 40 3.75
    HUNTINGDON 40 40 3.75
    INDIANA 40 40 3.75
    JEFFERSON 40 40 *** 3.75
    JUNIATA 40 40 3.75
    LACKAWANNA 40 40 *** 3.75
    LANCASTER 30**** 30**** 6.75
       Lancaster City 40 *** 30**** 5.25
    LAWRENCE 40 40 *** 5.25
       New Castle City 40 40 *** 3.75
    LEBANON 30**** 30**** 6.75
       Lebanon City 40 *** 30**** 6.75
    LEHIGH 40 *** 40 *** 6.75
       Allentown City 40 40 *** 5.25
       Bethlehem City 40 *** 40 *** 5.25
    LUZERNE 40 40 *** 3.75
       Wilkes-Barre City 40 40 3.75
    LYCOMING 40 40 *** 5.25
       Williamsport City 40 40 *** 3.75
    McKEAN 40 40 *** 5.25
    MERCER 40 *** 40 *** 5.25
    MIFFLIN 40 40 *** 3.75
    MONROE 40 40 *** 3.75
    MONTGOMERY 30**** 30**** 6.75
       Norristown Boro 40 *** 30**** 5.25
       Upper Dublin Twp. 40 *** 30**** 6.75
    MONTOUR 40 *** 30**** 6.75
    NORTHAMPTON 40 *** 40 *** 5.25
    NORTHUMBERLAND  40 40 *** 3.75
    PERRY 30**** 30**** 6.75
    PHILADELPHIA 40 40 *** 3.75
    PIKE 40 *** 40 *** 5.25
    POTTER 40 40 *** 3.75
    SCHUYLKILL 40 40 *** 3.75
    SNYDER 40 *** 40 *** 5.25
    SOMERSET 40 40 *** 3.75
    SULLIVAN 40 40 *** 3.75
    SUSQUEHANNA 40 40 *** 3.75
    TIOGA 40 40 *** 3.75
    UNION 40 *** 40 *** 6.75
    VENANGO 40 40 *** 3.75
    WARREN 40 *** 40 *** 5.25
    WASHINGTON 40 *** 40 *** 5.25
    WAYNE 40 40 3.75
    WESTMORELAND 40 *** 40 *** 5.25
    WYOMING 40 40 3.75
    YORK 40 *** 30**** 6.75
       York City 40 30**** 3.75
    *Municipalities are listed only if PIDA rate differs from County rate.
    **Based on calendar year 1997 unemployment rate. Subject to change at discretion of PIDA Board.
    (S)Small Business (Less than 50 existing employes, including parent, subsidiaries and affiliates.)
    (L)Large Business.
    Special Note: Projects located in designated enterprise zones, planning stage enterprise zones, financially distressed municipalities under Act 47 (over), Federal empowerment zones, Federal enterprise communities and brownfield sites will receive loans at 3.75%. Companies designated as advanced tech firms will receive an interest rate 1% less than the area rate with a floor of 3.75%
    ***10% Equity required
    ****20% Equity required

    Financially Distressed Municipalities Under Act 47*

    Aliquippa City Franklin Borough
    Beaver County Cambria County
    Braddock Borough Homestead Borough
    Allegheny County Allegheny County
    Chester City Johnstown City
    Delaware County Cambria County
    Clairton City Millbourne Borough
    Allegheny County Delaware County
    Duquesne City North Braddock Borough
    Allegheny County Allegheny County
    East Pittsburgh Borough Rankin Borough
    Allegheny County Allegheny County
    Farrell City Scranton City
    Mercer County Lackawanna County
    Wilkinsburg Borough
    Allegheny County

    Federal Empowerment Zones *

    Portions of Pittsburgh and Philadelphia

    Federal Enterprise Communities *

    Portions of Harrisburg, Dauphin County
    Portions of Lock Haven, Clinton County

    *Eligible for 3.75% Interest Rate

    [Pa.B. Doc. No. 98-1583. Filed for public inspection September 25, 1998, 9:00 a.m.]

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