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§ 1521.408. Nursing Home Loan Sinking Fund; investments

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. § 1521.408
§ 1521.408. Nursing Home Loan Sinking Fund; investments
(a) All bonds issued under the authority of this article shall be redeemed at maturity and all interest due from time to time on such bonds shall be paid from the Nursing Home Loan Sinking Fund, which is hereby created. For the specific purpose of redeeming said bonds at maturity and paying all interest thereon in accordance with the information received from the Governor, the General Assembly shall appropriate moneys to the Nursing Home Loan Sinking Fund for the payment of interest on said bonds and the principal thereof at maturity. All moneys paid into the Nursing Home Loan Sinking Fund, and all of such moneys not necessary to pay accruing interest shall be invested by the Board of Finance and Revenue in such securities as are provided by law for the investment of the sinking funds of the Commonwealth.
(b) The Board of Finance and Revenue is authorized at any time to use any of the moneys in the Nursing Home Loan Development Fund not necessary for the purposes of the referendum of May 21, 1974 and the referendum of November 2, 1982 for the purchase and retirement of all or any part of the bonds issued under the authority of this article. In the event that all or any part of said bonds shall be purchased by the Board of Finance and Revenue, they shall be canceled and returned to the Loan and Transfer Agent as canceled and paid bonds and thereafter all payments of interest thereon shall cease, and the canceled bonds and coupons shall be destroyed within two years after cancellation in the presence of the Governor, the Auditor General and the State Treasurer, or their designees, and a certificate evidencing the destruction, satisfactory to the duly authorized loan and transfer agent of the Commonwealth shall be furnished to it. All canceled bonds and coupons shall be so marked as to make the canceled bonds and coupons nonnegotiable.

Credits

1974, July 22, P.L. 610, No. 207, art. IV, § 408, imd. effective. Amended 1984, July 9, P.L. 665, No. 141, § 6, imd. effective.
62 P.S. § 1521.408, PA ST 62 P.S. § 1521.408
Current through Act 13 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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