A bill cutting the amount of money Pennsylvania can borrow for economic development projects and to put into law restrictions on how the program operates was passed by state lawmakers Wednesday.
Both the state House and Senate voted unanimously to cut $600 million from the $4.05 billion upper limit on borrowing for the Redevelopment Assistance Capital Program, and a spokesman for Gov. Tom Corbett said he would sign it.
House Majority Leader Mike Turzai says this is the first time the borrowing limit's been reduced since RCAP began in 1999. It was $1.2 billion that year, then increased on five occasions under Gov. Ed Rendell.
Some 8,000 projects have been listed in the nine itemization bills that have been passed over the past 14 years. A bill with a new list of projects is expected to be considered by a legislative committee next week, Turzai said.
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