PA SB323

Establishes the Keystone National Finance Authority as an independent public instrumentality of Pennsylvania to issue conduit revenue bonds for financing economic development projects in Pennsylvania and other U.S. states and territories

Creates a 13-member governing board with appointments by the Governor (2), State Treasurer (1), Auditor General (1), legislative leaders (4), and five additional members appointed by the board itself with staggered terms of 2-10 years

Authorizes the authority to issue tax-exempt and taxable bonds with maturities up to 50 years to finance infrastructure, transportation, housing, industrial parks, energy facilities, healthcare facilities, and other economic development projects

Bonds issued are not debt obligations of the Commonwealth and are payable solely from project revenues; the authority must be self-funded through fees and cannot use state appropriations for operating expenses

Requires the authority to pay annual net revenues to the Commonwealth after covering operating costs and reserves, and mandates annual independent audits filed with the General Assembly