§ 17121. Establishment of Regional Growth Fund.

490 words·~2 min read·/pa/title-16/chapter-171/17121

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(a)Establishment.-- The Regional Growth Fund is established. The treasurer of the authority shall be custodian of the Regional Growth Fund which shall be subject to the provisions of law applicable to funds listed in section 302 of the act of April 9, 1929 (P.L.343, No.176), known as The Fiscal Code.

(b)Credits.-- Taxes imposed under Subchapter E (relating to additional sales and use taxes) shall be received by the department and paid to the treasurer of the authority and, along with interest and penalties less any collection costs allowed under Subchapter E and any refunds and credits paid, shall be credited in the manner provided in section 17152(f) (relating to imposition of additional sales and use taxes) to the Regional Growth Fund not less frequently than every two weeks. Any amounts appropriated to the Regional Growth Fund by the General Assembly and any contributions received from any other source shall be credited to the Regional Growth Fund.

(c)Special accounts.-- A special account shall be established within the Regional Growth Fund for each participating county. All of the taxes, interest and penalties that are collected under section 17152 from a particular county and deposited into the Regional Growth Fund in accordance with section 17152(f) shall be credited to the special account for that county. All of the money in a county account must be spent on projects located in whole or in part within that county unless the governing body of that county authorizes by resolution the use of a portion of the money in its county account for a regional project located outside of the county.

(d)Other special accounts.-- The authority may also establish other special accounts within the Regional Growth Fund to which shall be credited any amounts appropriated to the Regional Growth Fund by the General Assembly and any contributions received from any other source. Money in such special accounts shall be used for eligible projects in a participating county as determined by the board, subject to any limitations imposed by the source of the money.

(e)Restrictions.-- All money in the Regional Growth Fund, including money credited under this section, prior year encumbrances and the interest earned on the money in the fund, may not lapse or be transferred to any other fund but shall remain in the Regional Growth Fund and must be used exclusively as provided in this chapter.

(f)Earnings.-- Pending disbursement, money received on behalf of or deposited into the Regional Growth Fund shall be invested or reinvested in the same manner as money in the custody of the State Treasurer. All earnings received from the investment or reinvestment of the money shall be credited to the Regional Growth Fund and shall be allocated on a proportional basis to each special account within the Regional Growth Fund.

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Cross References. Section 17121 is referred to in sections 17113, 17136 of this title.

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