Section 349.20. Approval of bond issues; amortization payments

(a) Method. Department approval of project financing methods and amortization schedules shall be a condition for project reimbursement.

(b) Other agencies. An applicant district shall acquire approvals, related to project financing, which are required by other state agencies as a condition for Department approval of project financing.

(c) Refunding of bond issues. When, in its judgment, the refunding of school district bond issues is in the best interest of the Commonwealth or the school district, or both, and consistent with the purposes of the Local Government Unit Debt Act (53 P. S. § § 6780-1—6780-608) (reenacted, amended, and revised by the act of April 28, 1978 (P. L. 124, No. 52)), the Department will approve and adjust to such refundings; provided that the Commonwealth will share, in appropriate proportion, any savings realized by the refunding; and under no circumstances will the Commonwealth’s remaining fiscal commitment be increased because of an approved refunding. Any bond fund accumulations for any issues which are to be included in a refunding bond issue must be used to reduce the total amount of the refunding issue.