Section 603. Creation of fund and disbursement.
(a) Pennsylvania Intergovernmental Cooperation Authority Tax Fund.--There is hereby created a Pennsylvania Intergovernmental Cooperation Authority Tax Fund. The State Treasurer shall be custodian of the Pennsylvania Intergovernmental Cooperation Authority Tax Fund, which shall be subject to the provisions of law applicable to funds listed in section 302 of the act of April 9, 1929 (P.L.343, No.176), known as The Fiscal Code. Taxes imposed pursuant to section 601 of this act shall be received by the Department of Revenue of the Commonwealth and paid to the State Treasurer and, along with interest and penalties, less any collection costs allowed under this chapter and any refunds and credits paid, shall be credited to the Pennsylvania Intergovernmental Cooperation Authority Tax Fund not less frequently than every two weeks. During any period prior to the credit of moneys to the Pennsylvania Intergovernmental Cooperation Authority Tax Fund, interest earned on moneys received by the department and paid to the State Treasurer pursuant to this chapter shall be deposited into the Pennsylvania Intergovernmental Cooperation Authority Tax Fund. Moneys credited to the Pennsylvania Intergovernmental Cooperation Authority Tax Fund shall be distributed as provided in subsection (b). All moneys in the Pennsylvania Intergovernmental Cooperation Authority Tax Fund, including, but not limited to, moneys credited to the fund pursuant to this section, prior year encumbrances and the interest earned thereon, shall not lapse or be transferred to any other fund, but shall remain in the Pennsylvania Intergovernmental Cooperation Authority Tax Fund, and shall at all times be the property of the authority, and must be used exclusively as provided in this act. Pending their disbursement to the authority, moneys received on behalf of or deposited into the Pennsylvania Intergovernmental Cooperation Authority Tax Fund shall be invested or reinvested as are other funds in the custody of the State Treasurer in the manner provided by law. All earnings received from the investment or deposit of such funds shall be credited to the Pennsylvania Intergovernmental Cooperation Authority Tax Fund.
(b) Disbursement to Pennsylvania Intergovernmental Cooperation Authority.--At least weekly, the State Treasurer shall disburse the total amount of moneys which are, as of the close of business of the previous week, contained in the Pennsylvania Intergovernmental Cooperation Authority Tax Fund as a result of the tax imposed pursuant to section 601 to or upon the order of the authority and as provided in section 312. The State Treasurer shall make the initial disbursement pursuant to this subsection at the end of the third week of the month immediately following the effective date of the ordinance imposing the Pennsylvania Intergovernmental Cooperation Authority Tax.