For the purpose of creating a fund for the rebuilding, restoration, and replacement
of any structures, buildings, equipment, or other property, owned by the Commonwealth
of Pennsylvania, and damaged or destroyed by fire or other casualty, including boiler
explosion, flood and flood-related hazards or any other natural disasters, the following
funds, income, and revenue, of the Commonwealth of Pennsylvania are hereby specifically
dedicated, appropriated, and set apart, to constitute a fund separate and apart from
all other funds of the Commonwealth, and to be known as the Insurance Fund; to wit,
(a) All moneys now in the custody of the State Treasurer heretofore “Appropriated
and set apart for the purpose of paying the present indebtedness and the interest
thereon, and such further indebtedness as may hereafter be contracted on the part
of the Commonwealth,” and commonly known as the sinking-fund, in excess of the total
amount of the funded obligation or indebtedness of the Commonwealth chargeable thereto;
the amount of such excess in the sinking-fund to be determined by the State Treasurer,
audited by the Auditor General, and approved by the Board of Finance and Revenue,
as of the date of the approval of this act.
(c) All payments hereafter made by insurance companies on account of loss or damage
to property of the Commonwealth, caused by fire or other casualty, or on account of
the cancellation of existing policies of insurance.
(d) All income received from interest upon deposits in bank, or upon securities in
which the said fund may be invested.
(e) All income received from the excess tax on foreign fire insurance companies from
retaliatory provisions with other states.
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