Pennsylvania Code
Title 12 - COMMERCE, TRADE AND LOCAL GOVERNMENT
Part III - Business Financing
Subpart C - Loans
Chapter 73 - PENNSYLVANIA INDUSTRIAL DEVELOPMENT AUTHORITY
Subchapter A - GENERAL PROVISIONS
GENERAL PROVISIONS
Section 73.3 - Industrial development agency code of ethics

Universal Citation: 12 PA Code ยง 73.3

Current through Register Vol. 54, No. 44, November 2, 2024

(a) The following applies to industrial development agencies:

(1) An officer, director or employe of an agency who is a party to or who is interested in a project shall disclose the nature and extent of the interest to the board of directors of the agency, and may not vote on action of the agency concerning the project, nor participate in the deliberations of the agency concerning the project.

(2) A consultant or independent contractor of an agency who is a party to or who is interested in a project shall immediately disclose the nature and extent of the interest to the board of directors of the agency.

(3) The disclosures required under paragraphs (1) and (2) include the existence of:
(i) A financial interest in a project.

(ii) An interest of a relative by blood or marriage in a project.

(iii) An employer-employe, partnership, agency or fiduciary relationship with a party to or a person financially interested in a project.

(iv) A matter which might reasonably be expected to influence that person in the discharge of the person's official duties concerning a project.

(4) The board of directors of the agency shall take action which is necessary in light of the facts revealed by the disclosure to avoid a conflict of interest or impropriety with regard to a project. The disclosure statement of the officer, director, employe, consultant or independent contractor, and action by the board of directors, shall be made a part of the minutes of the agency at the next regular or special meeting and shall be disclosed to the Authority.

(b) No officer, director, employe, consultant or independent contractor of an agency may solicit, accept or receive from a person, firm, corporation or other business or professional organization a gift, loan, gratuity, favor or service that might influence his position in the discharge of his official duties concerning a project. This paragraph does not apply to gifts and business entertainment of less than $50.

(c) No officer, director, employe, consultant or independent contractor of an agency may directly or indirectly use for personal gain information not available to the public concerning projects which comes to him as a result of affiliation with an agency, nor may he provide that information to others not directly connected with an agency's investigation concerning the feasibility, development or establishment of a project.

(d) Each agency shall cause a copy of this section to be given to each officer, director, employe, consultant and independent contractor of the agency. A copy of this section shall also be given to each proposed beneficial owner and industrial occupant.

(e) Failure to disclose or another breach of this section is grounds for disciplinary action by the agency against the officer, director, employe, consultant or independent contractor of an agency, which disciplinary action may include removal or dismissal, and is grounds for disapproval of an application or rescission of a commitment by the Authority.

This section cited in 12 Pa. Code § 73.2 (relating to industrial development agencies-certification); and 12 Pa. Code § 73.8 (relating to decertification).

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