Pennsylvania Statutes Title 72 P.S. Taxation and Fiscal Affairs § 1705-E.2. Deposit of bond proceeds

The net proceeds of bonds, other than refunding bonds, exclusive of costs of issuance, reserves and any other financing charges, shall be transferred by the authority to the State Treasurer for deposit into a restricted account established in the State Treasury and held solely for the purpose of paying costs of a PlanCon project which are due to school districts.  Payment by the department shall follow the process required by Article VII of the Public School Code of 1949,  1 unless the department is specifically directed to follow a different process by this article.  The department shall requisition payments due to school districts from that account.  To pay for expenses related to its administration of this program, the department, with the approval of the Governor and the authority, may charge a fee against the proceeds deposited in the restricted account.