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§ 5510.10. Security interest in funds and accounts

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 53 Pa.C.S.A. Municipalities GenerallyEffective: July 16, 2004

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 53 Pa.C.S.A. Municipalities Generally (Refs & Annos)
Part V. Public Improvements, Utilities and Services
Subpart A. General Provisions
Chapter 55. Parking Authorities (Refs & Annos)
Effective: July 16, 2004
53 Pa.C.S.A. § 5510.10
§ 5510.10. Security interest in funds and accounts
Currentness
(a) General rule.--Any moneys deposited in any fund created by the authority pledged to be used to pay debt service on bonds of the authority, including any sinking fund or debt service reserve fund, and all investments and proceeds of investments thereof shall, without further action or filing, be subjected to a perfected security interest for the obligees of the authority with respect to the bonds until such moneys or investments shall be properly disbursed in accordance with this chapter and subject to the terms of any trust indenture or other contract between the authority and the obligees of the authority with respect to the bonds.
(b) Applicability.--This section shall only apply to authorities in cities of the first class.

Credits

2002, Dec. 30, P.L. 2001, No. 230, § 6, effective in 60 days. Reenacted 2004, July 16, P.L. 758, No. 94, § 6.4, imd. effective.
53 Pa.C.S.A. § 5510.10, PA ST 53 Pa.C.S.A. § 5510.10
Current through Act 11 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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