§ 751.5. Revenues of authority
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 35 P.S. Health and Safety
35 P.S. § 751.5
§ 751.5. Revenues of authority
(4) Proceeds from the sale of bonds issued on or after the effective date of this act from the remaining unused authorization in addition to any other funds that remain unencumbered on the effective date of this act from the act of July 12, 1981 (P.L. 263, No. 88), entitled “An act authorizing the incurring of indebtedness, with approval of the electors, of $300,000,000 for the repair, construction, reconstruction, rehabilitation, extension and improvement of community water supply systems, and for the repair, reconstruction or rehabilitation of flood control facilities, dams and port facilities and providing the allotment of proceeds from borrowing hereunder,” approved by the electorate on November 3, 1981.
(6) Proceeds from the sale of any Commonwealth general obligation bonds issued under sections 16 and 17.2
(7) Proceeds from the sale of any Commonwealth general obligation bonds issued under section 12 of the act of March 16, 1992 (P.L. 10, No. 5), known as the Small Water Systems Assistance Act.3
(b) Control of revenues; investment of funds.--The board shall have exclusive control and management of all moneys of the authority and full power to invest moneys not required for immediate use in any securities or other investments in which funds of the Commonwealth are authorized to be invested and in any other type of security or investment if, prior to the acquisition of the securities or investments, the board determines by resolution that such type of security or investment is in the best interests of the authority and the State Treasurer approves of such type of security or other investment.
(2) The board shall establish a Water Pollution Control Revolving Fund administered in accordance with the requirements of section 212 of the Water Quality Act of 1987 (Public Law 100-4, 101 Stat. 21),4 and may establish such other separate revolving funds and accounts when determined by the board to be necessary or convenient. The board may deposit no more than $725,000,000 in funds and accounts established under this paragraph from the sources specified in subsection (a)(4), (5), (6) and (7). This limitation shall not apply to any Federal funds.
(3) The board may also establish such nonrevolving funds and accounts as it deems necessary or convenient. Any funds from sources specified in subsection (a)(4), (5), (6) and (7) which are not deposited in the board's revolving funds and accounts shall be deposited into these nonrevolving funds and accounts.
(d) Loan repayment.--Subject to any agreement with the holders of bonds, repayments of loan principal, together with any interest thereon, shall be deposited with the authority. Repayments from loans made from revolving funds and accounts may be deposited in such funds and accounts as the board shall determine. Repayments from other loans shall be deposited in nonrevolving funds and accounts for the purpose of repayment of general obligation bonds of the Commonwealth issued under the authority of this act. Loans made by the Water Facilities Loan Board prior to the effective date of this act and repayment of the principal of and interest on those loans shall be controlled by the provisions of Title 32 of the Pennsylvania Consolidated Statutes (relating to forests, waters and State parks) and the regulations promulgated thereunder. The board shall maintain such separate funds and accounts as may be necessary for the deposit of payments made under authority or requirement of State or Federal law.
1988, March 1, P.L. 82, No. 16, § 5, imd. effective. Amended 1992, Dec. 16, P.L. 1137, No. 149, § 3, effective in 60 days.
35 P.S. § 751.5, PA ST 35 P.S. § 751.5
Current through 2023 Regular Session Act 7. Some statute sections may be more current, see credits for details.
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