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§ 376.8. Moneys of the financing authority

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 12. Economic Development Financing Law (Refs & Annos)
73 P.S. § 376.8
§ 376.8. Moneys of the financing authority
Subject to the provisions of section 6.31 of this act and subject to the provisions of any agreements to the contrary entered into with lenders or trustees pursuant to the authority granted in section 6.3 of this act, all moneys of the financing authority from whatever source derived shall be paid to the treasurer of the financing authority. Said moneys shall be deposited in the first instance by the treasurer in one or more banks or bank and trust companies, in one or more special accounts or under savings contracts in savings associations in one or more special accounts, and each of such special accounts to the extent the same is not insured shall be continuously secured by a pledge of direct obligations of the United States of America or of the Commonwealth, having an aggregate market value, exclusive of accrued interest, at all times at least equal to the balance on deposit in such account. Such securities shall either be deposited with the treasurer or be held by a trustee or agent satisfactory to the financing authority. All banks, bank and trust companies, and saving associations are authorized to give such security for such deposits. The moneys in said accounts shall be paid out on the warrant or other order of the treasurer of the financing authority, or of such other person or persons as the financing authority may authorize to execute such warrants or orders.

Credits

1967, Aug. 23, P.L. 251, No. 102, § 6.8, added 1987, July 10, P.L. 273, No. 48, § 3, imd. effective.

Footnotes

73 P.S. § 376.3.
73 P.S. § 376.8, PA ST 73 P.S. § 376.8
Current through the end of the 2023 Regular Session. Some statute sections may be more current, see credits for details.
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