Pennsylvania Statutes Title 73 P.S. Trade and Commerce § 392.8. Disposition and use of proceeds

(a) Deposit of sale proceeds.--The proceeds realized from the sale of bonds and notes under this act, other than refunding bonds and replacement notes, shall be paid to the State Treasurer and deposited into the Pennsylvania Economic Revitalization Fund and are specifically dedicated to the purposes enumerated in the act of February 24, 1984 (P.L. 99, No. 19), known as “An act authorizing the indebtedness, with the approval of the electors, of $190,000,000 to promote economic redevelopment throughout Pennsylvania through job producing programs; grants and loans for industrial and small business development; acquisition of equipment for vocational programs in secondary schools, community colleges and engineering degree-granting schools; agricultural development; and the acquisition, rehabilitation or development of facilities for community services and public recreation purposes,” and as the General Assembly shall, by law, provide.

(b) Other funds.--All non-Federal funds which may become available for the purposes of this act shall be deposited in the Pennsylvania Economic Revitalization Fund. Such funds are hereby appropriated from the Pennsylvania Economic Revitalization Fund and, upon approval by the Governor, shall be allocated for the purposes of this act.

(c) Proceeds of refunding or replacement bonds or notes.--The proceeds of the sale of refunding bonds and replacement notes are hereby appropriated to the State Treasurer and shall be applied solely to the payment of principal of the accrued interest and premium, if any, and costs of redemption of the bonds and notes for which such obligations have been issued.