Section 311. Funds of authority; sources of revenue.
(a) Receipt by treasurer.--All funds of the authority received from any source shall be delivered to or upon the order of the treasurer of the authority or to such other agent of the authority as the board may designate. Such funds received by the authority shall be promptly deposited in a bank or banks in this Commonwealth as chosen by a qualified majority of the board. The moneys in such account or accounts may be paid by the treasurer of the authority or other designated agent of the authority on warrant of the treasurer of the authority or by such persons as the board may authorize to make such warrants. All such deposits of moneys may, if required by the authority, be secured by obligations of the United States or of the Commonwealth of a market value equal at all times to the amount of the deposit, and all banks and trust companies are authorized to give such security for such deposits, provided that no moneys deposited in a debt service reserve fund may be secured by a deposit of obligations issued by or obligations guaranteed by an assisted city.
(b) Investment of funds.--Subject to the provisions of any agreements with obligees of the authority, all funds of the authority, including the proceeds of bonds, which are not required for immediate use may be invested in obligations of an assisted city or in obligations of the Federal Government or of the Commonwealth or obligations which are legal investments for Commonwealth funds. However, no moneys may be invested in obligations issued by or obligations guaranteed by an assisted city without the approval of a qualified majority of the board, and, in any case, no moneys held in a debt service reserve fund may be invested in obligations issued by or obligations guaranteed by an assisted city.
(c) Pledges from city.--To further secure repayment of obligations of an assisted city to the authority, such city is authorized to pledge or direct, and the authority is authorized to receive directly from the collector of such taxes or revenues, city taxes and other revenues otherwise payable to the city and so directed or pledged.