Pennsylvania Statutes Title 73 P.S. Trade and Commerce § 308. Appropriation; Industrial Development Fund

The sum of five million dollars ($5,000,000) is hereby specifically appropriated to the Authority for the purposes set forth in this act.

There is hereby created a special account in the Treasury of the Commonwealth to be known as the Industrial Development Fund to which shall be accredited the above provided appropriation and any subsequent appropriations made by the Legislature to the Authority, as well as such other deposits as in this section provided.

As often as may be necessary, the Authority shall requisition from the Industrial Development Fund such amounts as may be necessary to provide adequate funds for the payment of the administration of the purpose of this act.

The Authority shall also requisition, from time to time, from the Industrial Development Fund such amounts as shall be allocated and appropriated by the Authority for loans to industrial development agencies for industrial development projects. Subject to the provisions of sections 5 and 5.1 of this act  1 and subject to the provisions of any agreements to the contrary entered into with lenders or trustees pursuant to the Authority granted in said sections 5 and 5.1, when and as the amounts so allocated and appropriated by the Authority as loans to industrial development agencies are repaid to the Authority pursuant to the terms of the mortgages and other agreements made and entered into by the Authority, the Authority shall pay such amounts into the Industrial Development Fund, it being the intent of this act that the Industrial Development Fund shall operate as a revolving fund whereby all appropriations and payments made thereto may be applied and reapplied to the purposes of this act.

At any time that the Authority shall determine that funds held for the credit of the Industrial Development Fund are in excess of the amount needed by the Authority to carry out the purposes of this act, the Authority shall take such action as shall be required to release such excess from the Industrial Development Fund and transfer the same to the General Fund of the State Treasury.