Pennsylvania Statutes Title 73 P.S. Trade and Commerce § 400.5101. Transfer of Sunny Day Fund loans and commitments

On July 1, 1996, all outstanding loans closed with Sunny Day Funds and approved Sunny Day Fund loan commitments which have not closed prior to July 1, 1996, along with sufficient funds to provide for the loans, and all documentation and collateral security associated with all the loans shall be transferred to the Pennsylvania Industrial Development Authority. All amounts received or receivable on account of the loans and collateral security shall be revenues of the Pennsylvania Industrial Development Authority and shall be used for any purpose permitted under the act of May 17, 1956 (1955 P.L. 1609, No. 537),  1 known as the Pennsylvania Industrial Development Authority Act. Any approved Sunny Day Fund loan commitments which have been closed prior to July 1, 1996, and are transferred to the Pennsylvania Industrial Development Authority shall be closed by the authority with the transferred funds in accordance with the provisions of Chapter 1 of the act of July 1, 1985 (P.L. 120, No. 32),  2 known as the Sunny Day Fund Act. In the event that any loan commitment is unable to be closed, all transferred funds shall remain with the Pennsylvania Industrial Development Authority. The ability of the Pennsylvania Industrial Development Authority to close the loans and to extend or restructure any outstanding loans closed under the Sunny Day Fund Act shall not be affected by the limitations of the Pennsylvania Industrial Development Authority Act.