The following apply to pension obligation bonds: (1) No executive agency or independent agency may issue a pension obligation bond for the benefit of: (i) the Public School Employees' Retirement System of Pennsylvania; or (ii) the State Employees' Retirement System of Pennsylvania. (2) As used in this section, the following words and phrases shall have the meanings given to them in this paragraph unless the context clearly indicates otherwise: "Executive agency." As defined in 62 Pa.C.S. § 103 (relating to definitions). "Independent agency." As defined in 62 Pa.C.S. § 103.
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