Section 1812-C. Transfers.
(a) Office.--Within ten days of receiving the certification from the department under section 1811-C, the office shall direct the State Treasurer to transfer the amount of certified eligible State zone tax from the General Fund to each fund of a contracting authority. The following shall apply:
(1) For zones designated after July 1, 2024, the office shall direct the State Treasurer to transfer the amount of certified eligible State zone tax up to the maximum of $15,000,000 from the General Fund to each fund of a contracting authority within ten days of receiving the certification from the department under section 1811-C.
(2) The maximum amount of certified eligible State zone tax under paragraph (1) shall be annually adjusted beginning July 1, 2025, and each July 1 thereafter to reflect any upward change in the Consumer Price Index for All Urban Consumers (CPI-U) for the Philadelphia-Camden-Wilmington, PA-NJ-DE-MD area for the prior 12-month period.
((a) amended July 11, 2024, P.L.674, No.56)
(b) State Treasurer.--Within ten days of receiving direction under subsection (a), the State Treasurer shall pay into the fund the amount directed under subsection (a) until bonds issued to finance the acquisition, development, construction, including related infrastructure and site preparation, reconstruction or renovation of a facility or other eligible project in the zone, are retired.
(c) Notification.--((c) deleted by amendment July 11, 2024, P.L.674, No.56)
(1812-C amended July 13, 2016, P.L.526, No.84)