§ 9122. Public-Private Transportation Account.

477 words·~2 min read·/pa/title-74/chapter-91/9122

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)Establishment.--

(1)There is established within the Motor License Fund a separate account to be known as the Public-Private Transportation Account.

(2)Money in the account shall be used only for the purposes enumerated under subsection (c).

(b)Deposits to account.-- The following shall apply:

(1)The department shall deposit in the account the following:

(i)All money received by the department pursuant to the terms of a public-private transportation partnership agreement under which the department is the proprietary public entity.

(ii)Repayment of any loans from the account made under this chapter.

(iii)Subject to the provisions of any public-private transportation partnership agreement under which the department is the proprietary public entity, monetary damages and other amounts for failure by a development entity to comply with the terms of the public-private transportation partnership agreement.

(iv)Subject to the provisions of any public-private transportation partnership agreement under which the department is the proprietary public entity, payments made from any insurance proceeds or reserve funds or performance or payment bonds in connection with a public-private transportation project.

(v)Earnings from the investment of the money in the account.

(2)The Secretary of the Budget shall establish any restricted accounts within the account as the secretary deems necessary for the proper administration of the account.

(3)All money related to any public-private transportation partnership agreement in which the department is not the proprietary public entity shall not be held in the account, but shall be held by the proprietary public entity or its agent.

(c)Appropriation.-- The funds in the account are continuously appropriated to the department for the following purposes:

(1)Paying the amounts as the department may be required to repay the Federal funding agencies.

(2)Paying all amounts designated by the department as required for repayment or defeasance of outstanding bonds.

(3)Paying costs of maintenance, operating and financing of transportation facilities in this Commonwealth which are available for use by the public, including the costs of insurance or reserves against risks of contingencies.

(4)Paying expenses incurred under or in connection with any public-private transportation partnership agreement by the department, including professional fees and expenses.

(5)Paying the costs of the department relating to performing and administering duties under this chapter.

(6)Paying all expenses approved by the board for its costs incurred to perform its duties, including paying professional fees and expenses.

(7)Paying costs of any purpose authorized under this chapter.

(d)Amounts received.-- The net proceeds received under a public-private transportation partnership agreement shall be available exclusively to provide funding for transportation needs in this Commonwealth. The use of the proceeds or other revenues from the public-private transportation project shall be in accord with Federal or State law restricting or limiting the use of revenue from the public-private transportation project based on its public funding.

74c9123s