§ 1705-E.2. Deposit of bond proceeds
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 72 P.S. Taxation and Fiscal AffairsEffective: April 25, 2016
Effective: April 25, 2016
72 P.S. § 1705-E.2
§ 1705-E.2. Deposit of bond proceeds
The net proceeds of bonds, other than refunding bonds, exclusive of costs of issuance, reserves and any other financing charges, shall be transferred by the authority to the State Treasurer for deposit into a restricted account established in the State Treasury and held solely for the purpose of paying costs of a PlanCon project which are due to school districts. Payment by the department shall follow the process required by Article VII of the Public School Code of 1949,1 unless the department is specifically directed to follow a different process by this article. The department shall requisition payments due to school districts from that account. To pay for expenses related to its administration of this program, the department, with the approval of the Governor and the authority, may charge a fee against the proceeds deposited in the restricted account.
Credits
1929, April 9, P.L. 343, No. 176, art. XVII-E.2, § 1705-E.2, added 2016, April 25, P.L. 168, No. 25, § 15.1, imd. effective.
Footnotes
24 P.S. § 7-701 et seq.
72 P.S. § 1705-E.2, PA ST 72 P.S. § 1705-E.2
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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