§ 7505. Powers of board
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 32 Pa.C.S.A. Forests, Waters and State Parks
32 Pa.C.S.A. § 7505
§ 7505. Powers of board
The board shall have the power:
(8) To acquire or take title by foreclosure to any real or personal property which has been pledged as security for a loan granted by the board, and which has been defaulted, and to operate or dispose of the property in accordance with section 7517 (relating to supervision of project and security from default). All costs arising out of the foreclosure, acquisition or operation shall be paid from the Water Facilities Loan Fund. All proceeds or revenues resulting from foreclosure, acquisition or operation of the property shall be deposited in the Water Facilities Loan Fund. All proceeds or revenues resulting from the sale, lease or disposal of the property shall be deposited in the Water Facilities Loan Redemption Fund for the purchase or retirement of bonds and payment of interest and premium if any.
Credits
1982, June 22, P.L. 577, No. 167, § 1, imd. effective.
32 Pa.C.S.A. § 7505, PA ST 32 Pa.C.S.A. § 7505
Current through Act 13 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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