1. (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.
2. (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.
3. (c) Fiscal year.— The fiscal year of the authority shall be the same as the fiscal year of the Commonwealth.

4. (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. (1) ten years from the effective date of this section; or
   2. (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.
5. (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.
6. (e) Procurement.— The authority shall be considered an independent agency for purposes of 62 Pa.C.S. Pt. I (relating to Commonwealth Procurement Code).

7. (f) Applicability.— The following acts shall apply to the authority and the board:

   1. (1) The act of July 19, 1957 (P.L.1017, No.451), known as the State Adverse Interest Act.
   2. (2) The act of February 14, 2008 (P.L.6, No.3), known as the Right-to-Know Law.
   3. (3) The provisions of 65 Pa.C.S. Chs. 7 (relating to open meetings) and 11 (relating to ethics standards and financial disclosure).

Cross References. Section 6111 is referred to in sections 6102, 6123 of this title.