71 Pa. Stat. § 1707.8

Current through Pa Acts 2024-53, 2024-56 through 2024-111
Section 1707.8 - Moneys of the authority

All moneys of the Authority, from whatever source derived, shall be paid to the treasurer of the Authority. Said moneys shall be deposited in the first instance by the treasurer in one or more banks or trust companies, in one or more special accounts, and each of such special accounts shall be continuously secured by a pledge of direct obligations of the United States of America, of the Commonwealth, or of the county, having an aggregate market value, exclusive of accrued interest, at all times at least equal to the balance on deposit in such account. Such securities shall either be deposited with the treasurer or be held by a trustee or agent satisfactory to the Authority. All banks and trust companies are authorized to give such security for such deposits. The moneys in said accounts shall be paid out on the warrant or other order of the treasurer of the Authority, or of such other person or persons as the Authority may authorize to execute such warrants or orders. The Department of Revenue of the Commonwealth, and its legally authorized representatives are hereby authorized and empowered from time to time to examine the accounts and books of the Authority, including its receipts, disbursements, contracts, leases, sinking funds, investments and any other matters relating to its finances, operation, and affairs. In order to reimburse the General Fund appropriation to the Department of Revenue for costs incurred by the Department of Revenue in making such examination or examinations, the Authority shall be billed by the Department of Revenue from time to time as such examination or examinations are made, upon a cost basis, at such amounts as the Department of Revenue, with approval of the Executive Board, shall determine; and such amounts shall be paid by the Authority to the Department of Revenue, and shall be by it paid into the General Fund of the State Treasury and credited to the General Fund appropriation of the Department of Revenue.

71 P.S. § 1707.8

1949, March 31, P.L. 372, § 8. Amended 1951, Jan. 14 (1952), P.L. 1928, § 1.