§ 8813-C. Restrictions
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 72 P.S. Taxation and Fiscal AffairsEffective: July 8, 2022
Effective: July 8, 2022
72 P.S. § 8813-C
§ 8813-C. Restrictions
(a) Utilization.--Money transferred under section 1812-C1 may only be utilized for the following:
(1) Payment of debt service on bonds issued or refinanced for the acquisition, development, construction, including related infrastructure and site preparation, reconstruction, renovation or refinancing of a facility in the zone and normal and customary fees for professional services associated with the issuance or refinance of the bonds.
<Section 24(4)(xii) of Act 2022, July 8, P.L. 513, No. 53, provides that the amendment of subsec. (a)(1.1) of this section by that Act shall apply to fiscal years beginning after June 30, 2022.>
(1.1) Payment of debt service on bonds issued or refinanced to establish a revolving fund that will provide financial assistance in the form of a grant or a loan to a qualified business acquiring property for the business, constructing a new facility, reconstructing or renovating an existing facility or acquiring new equipment to be used by the qualifying business in a zone.
(4) Employment of an independent auditing firm to perform the duties under section 1807-C(c).2
(7) Payment or reimbursement of reasonable administrative, auditing and compliance services required by this article. Reasonable administrative costs may not exceed 5% of the money transferred under section 1812-C. For purposes of this paragraph, professional services shall not be considered administrative costs.
(1) Except as set forth in paragraph (4), if the amount of money transferred to the fund under sections 1811-C(c) and 1812-C3 in any one calendar year exceeds the money utilized, budgeted or appropriated by official resolution of the contracting authority under this section in that calendar year, the contracting authority shall submit by April 15 following the end of the calendar year any money not utilized, budgeted or appropriated by official resolution of the contracting authority to the State Treasurer for deposit into the General Fund.
(1) The amount of money transferred from the fund utilized for the acquisition, development, construction, including related site preparation and infrastructure, reconstruction or renovation of facilities, or normal and customary fees for professional services shall be matched by private, Federal or local money at a ratio of five fund dollars to one private, Federal or local dollar. The contracting authority shall verify the private, Federal or local match for a project at the time of the bond and report proof of the match to the agencies. All of the following shall be deemed private money:
(1.1) Private, Federal or local dollars invested in any single year or multiple years may be amortized over the term of the private or public financing provided to the project in order to meet the matching fund ratio of five fund dollars to one private, Federal or local dollar invested in the project.
(2) By April 1 following the baseline year and for each year thereafter, the contracting authority shall file an annual report with the Department of Community and Economic Development, the office and the department that contains a detailed account of the fund money expenditures and the private, Federal or local money expenditures and a calculation of the ratio in paragraph (1) for the prior calendar year.
Credits
1971, March 4, P.L. 6, No. 2, art. XVIII-C, § 1813-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; 2017, Oct. 30, P.L. 672, No. 43, § 37, imd. effective; 2019, June 28, P.L. 50, No. 13, § 17.2, effective July 1, 2019; 2020, July 23, P.L. 665, No. 68, § 2, imd. effective; 2020, Nov. 3, P.L. 1074, No. 107, § 2, imd. effective; 2022, July 8, P.L. 513, No. 53, § 12, imd. effective.
72 P.S. § 8813-C, PA ST 72 P.S. § 8813-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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