§ 2904. Machinery and Equipment Loan Fund.
182 words·~1 min read·
/pa/title-12/chapter-29/2904A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§ 2904. Machinery and Equipment Loan Fund.
(a)Creation.-- There is created a special account in the Treasury Department, to be known as the Machinery and Equipment Loan Fund, to which shall be credited all program appropriations made by the General Assembly, all proceeds from loan repayments and any and all other deposits, payments or contributions from any other source made available to the fund. The fund shall operate as a revolving fund whereby all appropriations, payments and interest made thereto may be applied and reapplied to the purposes of this chapter.
(b)Credits to fund.-- All appropriations, deposits and contributions made to the fund shall be immediately credited in full to the fund, and earnings on the moneys held in the fund shall also be credited to the fund for the purposes of this chapter.
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Effective Date. Section 6(1)(i) of Act 12 of 2004 provided that section 2904 shall take effect upon publication of the guidelines required by section 2912.
Cross References. Section 2904 is referred to in sections 1102, 1544 of Title 64 (Public Authorities and Quasi-Public Corporations).
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