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§ 1521.405. Disposition and use of proceeds

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 62 P.S. Poor Persons and Public Welfare

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 62 P.S. Poor Persons and Public Welfare (Refs & Annos)
Chapter 3. Nursing Home Loan Agency Law (Refs & Annos)
Article IV. General Obligation Bonds
62 P.S. § 1521.405
§ 1521.405. Disposition and use of proceeds
(a) The proceeds realized from the sale of bonds under the provisions of this act shall be paid into a special fund in the State treasury, hereby created, to be known as the “Nursing Home Loan Development Fund,” and are hereby specifically dedicated to the purposes of the referendum of May 21, 1974 and the referendum of November 2, 1982 as implemented by this act. The moneys shall be paid by the State Treasurer periodically to those departments, agencies, or authorities authorized to expand same at such times and in such amounts as may be necessary to satisfy the funding needs of the department, agency or authority.
(b) Pending their application to the purposes authorized, moneys held or deposited by the State Treasurer may be invested or reinvested as are other funds in the custody of the State Treasurer in the manner provided by law. All earnings received from the investment or deposit of such funds shall be paid into the State treasury to the credit of the Nursing Home Loan Sinking Fund.

Credits

1974, July 22, P.L. 610, No. 207, art. IV, § 405, imd. effective. Amended 1984, July 9, P.L. 665, No. 141, § 6, imd. effective.
62 P.S. § 1521.405, PA ST 62 P.S. § 1521.405
Current through Act 13 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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