Section 2811-C. Funding of the Authority.--(a) The sum of two million dollars ($2,000,000) is hereby specifically appropriated to the authority to be deposited in a special account to be created in the Treasury of the Commonwealth to be known as the Energy Development Fund. The fund shall be used to prepare the Energy Development Plan, to pay for initial administrative costs associated with initial bond issues, to make grants for limited research, and pursuant to this act to establish such reserves as in the judgment of the authority with respect to loans guaranteed or bonds issued by the authority may be necessary or desirable or to accomplish any other of its corporate purposes.
(b) As often as may be necessary, the authority shall requisition from the appropriate funds such amounts as may be necessary to provide adequate funds for the payment of the administrative costs related to this article.
(c) At any time that the authority shall determine that funds held for the credit of the Energy Development Fund are in excess of the amount needed to carry out the purposes of this article, the authority shall take such action as shall be required to release such excess from the fund and transfer the same to the General Fund of the State Treasury.
(2811-C added Dec. 14, 1982, P.L.1213, No.280)
Compiler's Note: The Governor withheld approval of subsec. (a) Dec. 14, 1982, for the following reasons:
The Commonwealth of Pennsylvania has available to it funds from consent decrees between the United States Department of Energy (DOE) and various oil companies based on DOE audits of oil company pricing policies since 1973. Pennsylvania's share of these funds is determined by DOE. This year $1.4 million has been received as a result of the consent decree with Standard Oil of Ohio.
I propose to deposit the funds already received from the consent decree with Standard Oil of Ohio into the Energy Development Fund created by House Bill 1738 and thereby provide funding for the activities contained in the bill. Since the funds are derived from energy related companies it is appropriate that they be spent on energy related programs.