(a) Establishment.-- The Pennsylvania Broadband Development Authority is established as an independent authority. The authority shall be an instrumentality of the Commonwealth and a body corporate and politic, with corporate succession. The exercise by the authority of the powers conferred on the authority by this chapter shall be deemed and held to be a public and essential government function. (b) Governance.-- The authority shall be governed by a board of directors as provided in section 6112 (relating to board). The powers of the authority shall be exercised by the board. (c) Fiscal year.-- The fiscal year of the authority shall be the same as the fiscal year of the Commonwealth. (d) Dissolution.-- Upon dissolution of the authority, all property, money and assets of the authority shall be vested in the Commonwealth. The authority shall dissolve upon the later of: (1) ten years from the effective date of this section; or (2) all Federal funds available for the purposes of this chapter have been exhausted and all applicable duties and responsibilities under Federal law or guidance have been completed. (d.1) Notice.-- Prior to dissolution under subsection (d), the authority shall transmit notice of the dissolution to the Legislative Reference Bureau for publication in the Pennsylvania Bulletin. (e) Procurement.-- The authority shall be considered an independent agency for purposes of 62 Pa.C.S. Pt. I (relating to Commonwealth Procurement Code). (f) Applicability.-- The following acts shall apply to the authority and the board: (1) The act of July 19, 1957 (P.L.1017, No.451), known as the State Adverse Interest Act. (2) The act of February 14, 2008 (P.L.6, No.3), known as the Right-to-Know Law. (3) The provisions of 65 Pa.C.S. Chs. 7 (relating to open meetings) and 11 (relating to ethics standards and financial disclosure).
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