Section 1806-A. Establishment of fund, sale of bonds and deposit.
(a) Establishment of fund.--The PA SITES Fund is established in the State Treasury as a restricted account.
(b) Sale of bonds.--The authority shall offer the bonds or each series of bonds, including refunding bonds, for sale by a public, competitive sale or a negotiated sale based on the authority's determination of which method will produce the most benefit to the Commonwealth.
(c) Deposit of bond proceeds.--The net proceeds of the bonds or each series of bonds, other than refunding bonds, exclusive of costs of issuance, reserves and any other financing charges, shall be deposited into the fund. Up to $400,000,000 of proceeds shall be deposited into a subaccount with the fund to be administered by the authority or the department pursuant to this article, and $100,000,000 of proceeds shall be deposited into a subaccount within the fund to be administered by the Commonwealth Financing Authority pursuant to this article.
(d) Deposit of repayments and other money.--Money received from the recapture of grants or as loan repayments received under the program or money otherwise made available to the program shall be deposited into the fund and made available for additional grants and loans under section 1808-A.
(1806-A added July 11, 2024, P.L.550, No.54)