§ 7371. Disposition and use of proceeds.

184 words·~1 min read·/pa/title-35/chapter-73/7371

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(a)General rule.-- The proceeds realized from the sale of bonds under this subchapter shall be paid into the fund and are specifically dedicated to the purposes of the referenda of November 4, 1975, November 3, 1981, November 6, 1990, and November 5, 2002, and the referendum specified under section 7378.4 (relating to referendum to expand loan assistance), as implemented by this subchapter. The moneys shall be paid by the State Treasurer periodically to those agencies or authorities authorized to expend the moneys at such times and in such amounts as may be necessary to satisfy the funding needs of the agency or authority.

(b)Investing.-- Pending their application to the purposes authorized, moneys held or deposited by the State Treasurer may be invested or reinvested as are other funds in the custody of the State Treasurer in the manner provided by law. All earnings received from the investment or deposit of such funds shall be paid into the State treasury to the credit of the fund.

35c7371v

(Oct. 29, 2020, P.L.739, No.91, eff. 60 days)

35c7372s