(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).