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§ 390.11. Minority Business Development Fund

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 73 P.S. Trade and Commerce

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 73 P.S. Trade and Commerce (Refs & Annos)
Chapter 12A. Minority Business Development Authority Act (Refs & Annos)
73 P.S. § 390.11
§ 390.11. Minority Business Development Fund
(a) There is hereby created a special account in the Treasury of the Commonwealth to be known as the “Minority Business Development Fund” to which shall be accredited the appropriation provided by this act and any subsequent appropriations made by the Legislature to the authority as well as such other deposits and contributions as may be received from any other source by the authority, as well as such other deposits as this section provided.
(b) As often as may be necessary, the authority shall requisition from the Minority Business Development Fund such amounts as may be necessary to provide adequate funds for the payment of the administration of the purpose of this act.
(c) The authority shall also requisition, from time to time, from the Minority Business Development Fund, such amounts as shall be allocated and appropriated by the authority for loans or other financial assistance to minority business enterprises. When and as the amounts so allocated and appropriated by the authority as loans or other financial assistance are repaid to the authority pursuant to the terms of the bonds or notes or other agreements made and entered into by the authority, the authority shall pay such amounts into the Minority Business Development Fund, it being the intent of this act that the Minority Business Development Fund shall operate as a revolving fund whereby all appropriations, deposits, contributions and payments made thereto may be applied and reapplied to the purposes of this act.
(d) All appropriations, deposits and contributions made to the Minority Business Development Fund shall be immediately credited in full to said fund, and earnings on the moneys held in said fund shall also be credited to the fund for the purposes of this act.
(e) At any time that the authority shall determine that funds held for the credit of the Minority Business Development Fund are in excess of the amount needed by the authority to carry out the purposes of this act, the authority shall take such action as shall be required to release such excess from the Minority Business Development Fund and transfer the same to the General Fund of the State Treasury.

Credits

1974, July 22, P.L. 598, No. 206, § 11, imd. effective.
73 P.S. § 390.11, PA ST 73 P.S. § 390.11
Current through the end of the 2023 Regular Session. Some statute sections may be more current, see credits for details.
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