Section 1809-A. Payment of bond obligations and bond administrative expenses.
(a) PA SITES Debt Service Restricted Account.--The PA SITES Debt Service Restricted Account is established in the General Fund for the purpose of paying all bond obligations due on bonds issued by the authority under this article and all related bond administrative expenses due each fiscal year, including refunding bonds. Money deposited into the restricted account is appropriated to the department for the payment of bond obligations due on the bonds issued under this article, including refunding bonds, and bond administrative expenses of the department or the authority, or the Commonwealth Financing Authority in connection with the bonds.
(b) Transmission of amount to General Assembly.--For each fiscal year in which bond obligations and bond administrative expenses will be due, the authority and the Commonwealth Financing Authority shall notify the department of the amount of bond obligations and the estimated amount of bond expenses in sufficient time to permit the department to request an appropriation sufficient to pay all bond obligations and bond administrative expenses that will be due and payable in the following fiscal year. The authority's calculation, and the Commonwealth Financing Authority's calculation, of the bond obligations and bond administrative expenses shall both be subject to verification by the department.
(c) Annual deposit.--All monies appropriated to the department by the General Assembly for the payment of bond obligations and bond administrative expenses for the term of the bonds, including refunding bonds, shall be deposited in the PA SITES Debt Service Restricted Account.
(1809-A added July 11, 2024, P.L.550, No.54)