§ 8812-C. Transfers
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 72 P.S. Taxation and Fiscal AffairsEffective: July 13, 2016
Effective: July 13, 2016
72 P.S. § 8812-C
§ 8812-C. Transfers
(a) Office.--Within ten days of receiving the certification from the department under section 1811-C,1 the office shall direct the State Treasurer to transfer the amount of certified eligible State zone tax from the General Fund to each fund of a contracting authority.
(b) State Treasurer.--Within ten days of receiving direction under subsection (a), the State Treasurer shall pay into the fund the amount directed under subsection (a) until bonds issued to finance the acquisition, development, construction, including related infrastructure and site preparation, reconstruction or renovation of a facility or other eligible project in the zone, are retired.
(1) If the transfers under subsection (a) and section 1811-C(c) are insufficient to make payments on the bonds issued under section 1813-C(a)(1)2 for the calendar year when the transfers are made, the contracting authority shall notify the Department of Community and Economic Development, the office and the department of the amount of the deficiency and may request the additional money necessary to make payments on the bonds.
(2) The notification under paragraph (1) must be accompanied by a detailed account of the contracting authority's expenditures and the calculation which resulted in the request for additional money. The Department of Community and Economic Development, the office or the department may request additional information from the contracting authority and shall jointly verify the proper amount of money necessary to make the payments on the bonds.
(3) Notwithstanding 53 Pa.C.S. § 5607(e) (relating to purposes and powers), within 90 days of the date of the notification request, the office shall direct the State Treasurer to establish a restricted account within the General Fund. The office shall direct the State Treasurer to transfer the amount verified under paragraph (2) from the General Fund to the restricted account for the use of the contracting authority to make payments on the bonds issued under section 1813-C(a)(1).
(4.1) Under extraordinary circumstances, a contracting authority may request money in excess of the limitations in paragraph (4)(i). The Department of Community and Economic Development, the office and the department shall determine whether the circumstances merit additional money and the amount to be transferred. The money shall be transferred under the procedure under this section.
(5) Money transferred under paragraph (3) shall be repaid to the General Fund by the contracting authority. If money transferred under paragraph (3) is not repaid to the General Fund by the contracting authority within 12 calendar years following the baseline year, the city, municipality or home rule county which established or designated the contracting authority shall pay the money not repaid to the General Fund plus an additional penalty of 10% of the amount outstanding on the date of the final payment on the bonds originally issued under section 1813-C(a)(1).
Credits
1971, March 4, P.L. 6, No. 2, art. XVIII-C, § 1812-C, added 2013, July 9, P.L. 270, No. 52, § 31, imd. effective. Amended 2016, July 13, P.L. 526, No. 84, § 37, imd. effective.
72 P.S. § 8812-C, PA ST 72 P.S. § 8812-C
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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