Section 372 - Findings and declaration of policyIt is hereby determined and declared as a matter of legislative finding:
(1) That economic insecurity due to unemployment is at any time a serious menace to the health, safety, morals and general welfare of the people of the Commonwealth and that a high level of unemployment and lack of business opportunity particularly in areas of urban and rural blight are threats to the strength and permanence of American political and economic institutions and the philosophy of freedom on which those institutions are based;(2) That a minimum level of unemployment and a maximum level of business opportunity, and the elimination or prevention of blight can best be provided by the promotion, attraction, stimulation, rehabilitation and revitalization of industry, commerce and other economic activities in the Commonwealth;(3) That the present and prospective health, safety, morals and general welfare of the people of this Commonwealth require as a public purpose the promotion and development of new, expanded and rehabilitated industrial, commercial and other economic activities;(4) That the creation and operation of The Pennsylvania Industrial Development Authority has proved highly successful in attracting industry and the resultant employment and business opportunities to critical areas of unemployment within the Commonwealth;(5) That to continue and further the successful program of The Pennsylvania Industrial Development Authority, it is necessary to provide additional means of financing the promotion and development of new, expanded and rehabilitated industrial, commercial and other economic activities, including in conjunction therewith the financing of machinery and equipment and other capital needs;(6) That many existing industrial, commercial and other economic activities throughout this Commonwealth could become more competitive and could expand more rapidly if additional means of financing were available for modern buildings, plant facilities, modern machinery and equipment and other capital needs;(7) That additional industrial, commercial and other economic activities could be attracted to this Commonwealth if such additional means of financing were available to acquire, construct, rehabilitate and expand facilities and implement other cost-savings activities, including, but not limited to, buildings, plants, machinery and equipment and other industrial and commercial facilities;(8) That by reason of the unavailability of private credit sources redevelopment areas in cities of this Commonwealth have remained unimproved and the residents of core areas of cities of this Commonwealth and in particular minority groups are denied the benefits of balanced industrial, commercial and residential environment and a balance of employment, cultural and business opportunities;(9) That the provisions of the Constitution guaranteeing the residents of this Commonwealth clean air and water and the preservation of the environment and their implementation through the establishment of quality standards relating to abatement or elimination of pollution have resulted in the need for additional means of financing to assist and encourage compliance with such air, water, solid or liquid waste disposal, sewage disposal and pollution control standards;(10) That there is now, and is expected to be, a critical need for the production of water suitable for public use and consumption, natural gas, coal, oil, and other resources, and that in order to insure continuing supplies of such resources at reasonable rates, it is necessary to provide additional means of financing projects directed to such production;(11) That to protect the health, safety and general welfare of the people of this Commonwealth and to further encourage economic development and efficiency within this Commonwealth by providing basic services and facilities, it is necessary to provide additional or alternative means of financing infrastructure facilities, transportation facilities and systems of every kind, industrial parks, energy conversion facilities, facilities for the furnishing of gas or water, communication facilities, tourism, recreational and sports facilities, convention facilities, health care facilities, education facilities, facilities and services for persons requiring special care and other basic service and related facilities and facilities conducive to economic activity within this Commonwealth;(12) That there now is and will continue to exist a need to build, improve and finance the operations of facilities owned by municipalities, municipal authorities and other authorities and instrumentalities of the Commonwealth, including, but not limited to, publicly owned park facilities, roads and other transportation facilities and systems of every kind, correctional facilities, jails, court facilities, waste treatment and disposal facilities, firefighting facilities, library facilities and police facilities and that the cost of obtaining the financing for building and improving these public facilities may be reduced through the issuance of bonds through the Pennsylvania Economic Development Financing Authority;(13) That the public ports of this Commonwealth are assets of value to the entire Commonwealth, and the residents of all parts of this Commonwealth benefit directly from the waterborne commerce that the ports attract and service, and any improvement to the ports that increases export and import commerce will benefit the people of the entire Commonwealth. Therefore, it is hereby declared to be the policy of this Commonwealth to promote the health, safety, morals, employment, business opportunities, economic activity and general welfare of the people thereof by providing for the creation of industrial or commercial development authorities which shall exist and operate as public instrumentalities of the Commonwealth and by providing for the creation of the Pennsylvania Economic Development Financing Authority which shall exist and operate as a public instrumentality of the Commonwealth.
1967, Aug. 23, P.L. 251, § 2. Amended 1971, Dec. 29, P.L. 647, No. 171, § 1; 1972, Dec. 29, P.L. 1675, No. 359, § 1, imd. effective; 1975, Dec. 19, P.L. 576, No. 165, §§ 2, 3, imd. effective; 1982, Dec. 16, P.L. 1363, No. 312, § 1, imd. effective; 1993, Dec. 17, P.L. 490, No. 74, § 2, imd. effective.