(a) Creation.--There is hereby created a special fund in the State Treasury to be known as the Pennsylvania Economic Revitalization Fund dedicated to the purposes specified in the act of February 24, 1984 (P.L. 99, No. 19), entitled “An act authorizing the indebtedness, with the approval of the electors, of $190,000,000 to promote economic redevelopment throughout Pennsylvania through job producing programs; grants and loans for industrial and small business development; acquisition of equipment for vocational programs in secondary schools, community colleges and engineering degree-granting schools; agricultural development; and the acquisition, rehabilitation or development of facilities for community services and public recreation purposes,” and as the General Assembly shall, by law, provide.

(b) Operation of fund.--The Pennsylvania Economic Revitalization Fund shall be the fund from which all moneys are appropriated to carry out the purposes authorized in the referendum pursuant to the act of February 24, 1984 (P.L. 99, No. 19) and as the General Assembly shall, by law, provide. Any moneys repaid to the Commonwealth from programs funded through the Pennsylvania Economic Revitalization Fund shall be deposited in a restricted receipt account and shall remain in such account until the General Assembly, by law, provides for their utilization and expenditure. Funds required to retire bonds issued pursuant to this act shall be appropriated from the General Fund.