The Authority is a public corporation and a government instrumentality of the Commonwealth of Pennsylvania, created by the Pennsylvania Legislature in 1947 for the purpose of financing the construction and improvement of public school facilities. The Authority finances projects through the issuance of bonds, which are repaid from lease/loan payments made by the borrower. The Authority has no general liability for these obligations and has no beneficial interest in the related assets held by trustees. The Authority serves as a financing conduit, bringing together the ultimate borrower and the ultimate lender. It is the goal of the Authority to provide lower cost tax-exempt financing to Pennsylvania's school districts, community colleges, and area vocational/technical career schools.