Volunteer Companies Loan Fund

Act 208 of 1976, § 5, under VOLUNTEER FIRE COMPANY, AMBULANCE SERVICE AND RESCUE SQUAD ASSISTANCE ACT.

Act 208 of 1976, § 5

Section 5. Volunteer Companies Loan Fund.--(a) There is hereby created a special fund in the Treasury Department to be known as the "Volunteer Companies Loan Fund" to which shall be credited all appropriations made by the General Assembly other than appropriations for expenses of administering this act or grants from other sources to the agency as well as repayment of principal and interest on loans made pursuant to this act.

(b) Upon approval of the loan, the agency shall routinely requisition from the Volunteer Companies Loan Fund such amounts as shall be allocated by the agency for loans to volunteer companies. When and as the amounts so allocated as loans to volunteer companies are repaid pursuant to the terms of the agreements made and entered into with the agency, the agency shall pay such amounts into the Volunteer Companies Loan Fund, it being the intent of this act that the Volunteer Companies Loan Fund shall operate as a revolving fund whereby all appropriations and payments made thereto may be applied and reapplied to the purposes of this act.

(5 amended Feb. 5, 2004, P.L.50, No.5)