Current through Pa Acts 2024-53, 2024-56 through 2024-111
Section 751.5 - Revenues of authority(a) Sources of revenues.--The authority may receive money from sources of revenue, including, but not limited to, the following: (1) State funds appropriated to the authority.(2) Federal funds appropriated to or granted to the authority.(3) Proceeds from the sale of bonds of the authority authorized under section 7. (4) Proceeds from the sale of bonds issued on or after the effective date of this act from the remaining unused authorization in addition to any other funds that remain unencumbered on the effective date of this act from the act of July 12, 1981 (P.L. 263, No. 88), entitled "An act authorizing the incurring of indebtedness, with approval of the electors, of $300,000,000 for the repair, construction, reconstruction, rehabilitation, extension and improvement of community water supply systems, and for the repair, reconstruction or rehabilitation of flood control facilities, dams and port facilities and providing the allotment of proceeds from borrowing hereunder," approved by the electorate on November 3, 1981.(5) Proceeds from the sale of bonds not to exceed a total sum of $150,000,000 issued for site development under the provisions of Article XVI-B of the act of April 9, 1929 (P.L. 343, No. 176), known as The Fiscal Code. This paragraph shall expire on December 31, 1989, except that the board may fund projects approved prior to December 31, 1989.(6) Proceeds from the sale of any Commonwealth general obligation bonds issued under sections 16 and 17. (7) Proceeds from the sale of any Commonwealth general obligation bonds issued under section 12 of the act of March 16, 1992 (P.L. 10, No. 5) , known as the Small Water Systems Assistance Act. (8) Proceeds from the sale of authority assets.(9) Repayment of loan principal.(10) Payment of interest on loans made by the authority.(11) Interest earned on the investments of authority moneys.(b) Control of revenues; investment of funds.--The board shall have exclusive control and management of all moneys of the authority and full power to invest moneys not required for immediate use in any securities or other investments in which funds of the Commonwealth are authorized to be invested and in any other type of security or investment if, prior to the acquisition of the securities or investments, the board determines by resolution that such type of security or investment is in the best interests of the authority and the State Treasurer approves of such type of security or other investment.(c) General fund and other separate funds or accounts.--(1) The board shall establish a general fund from which it may authorize expenditures for any of the purposes of this act.(2) The board shall establish a Water Pollution Control Revolving Fund administered in accordance with the requirements of section 212 of the Water Quality Act of 1987 ( Public Law 100-4, 101 Stat. 21), and may establish such other separate revolving funds and accounts when determined by the board to be necessary or convenient. The board may deposit no more than $725,000,000 in funds and accounts established under this paragraph from the sources specified in subsection (a)(4), (5) , (6) and (7). This limitation shall not apply to any Federal funds.(3) The board may also establish such nonrevolving funds and accounts as it deems necessary or convenient. Any funds from sources specified in subsection (a)(4), (5), (6) and (7) which are not deposited in the board's revolving funds and accounts shall be deposited into these nonrevolving funds and accounts.(d) Loan repayment.--Subject to any agreement with the holders of bonds, repayments of loan principal, together with any interest thereon, shall be deposited with the authority. Repayments from loans made from revolving funds and accounts may be deposited in such funds and accounts as the board shall determine. Repayments from other loans shall be deposited in nonrevolving funds and accounts for the purpose of repayment of general obligation bonds of the Commonwealth issued under the authority of this act. Loans made by the Water Facilities Loan Board prior to the effective date of this act and repayment of the principal of and interest on those loans shall be controlled by the provisions of Title 32 of the Pennsylvania Consolidated Statutes (relating to forests, waters and State parks) and the regulations promulgated thereunder. The board shall maintain such separate funds and accounts as may be necessary for the deposit of payments made under authority or requirement of State or Federal law.1988, March 1, P.L. 82, No. 16, § 5, imd. effective. Amended 1992, Dec. 16, P.L. 1137, No. 149, § 3, effective in 60 days.