§ 6165. Disposition and use of proceeds.

209 words·~1 min read·/pa/title-74/chapter-61/6165

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(a)Aviation Development Account.-- The proceeds realized from the sale of bonds under the provisions of this subchapter and all payments of interest on loans made and repayments of principal on such loans shall be paid into the Aviation Development Account which is hereby established and which shall be used for aviation development loans in this Commonwealth.

(b)Development loans and repayments.-- Each owner or operator of a public airport may apply for a development loan from the Aviation Development Account. Applications for the loans shall be made in such manner and on such forms as are prescribed by the department. Development loans made under the provisions of this subchapter shall not exceed a period of ten years. Proceeds from repayment of the loans, including principal and interest thereon, shall be credited to the Aviation Development Account.

(c)Interest.-- Pending their application to the purposes authorized, moneys held or deposited by the State Treasurer may be invested or reinvested as other funds in the custody of the State Treasurer in the manner provided by law. All earnings received from the investment or deposit of the funds shall be paid into the State Treasury to the credit of the Aviation Development Account.

74c6166s