Pennsylvania Act 1927-391 — STATE SCHOOL FUND, INCOME SPECIFIED

Act text

STATE SCHOOL FUND, INCOME SPECIFIED
                  Act of May 4, 1927, P.L. 751, No. 391               Cl. 72
                                  AN ACT

     Appropriating excess moneys in the general sinking fund for
        payment into the general fund of the State Treasury, and
        dedicating present revenues payable into the sinking fund,
        and accumulations on the moneys in the sinking fund, for
        payment into the State School Fund.

        Section 1.  Be it enacted, &c., That all moneys in the
     general sinking fund of the Commonwealth, in excess of the sum
     of one hundred fifty-eight thousand three hundred twenty dollars
     and twenty-six cents ($158,320.26), which is necessary for the
     payment of bonds and obligations of the Commonwealth, which have
     never been presented for redemption, are hereby appropriated
     from the sinking fund for payment into the State School Fund and
     credited by the State Treasurer as income. All moneys which are
     now by law payable in the general sinking fund of the
     Commonwealth shall, after the passage of this act, be payable
     into the State School Fund and credited by the State Treasurer
     as income. All interest accumulating on the moneys remaining in
     the general sinking fund shall, after the passage of this act,
     be payable into the State School Fund and credited by the State
     Treasurer as income. The Auditor General and State Treasurer
     shall, after the passage of this act, transfer all such excess
     moneys now held in the sinking fund into the State School Fund
     and credited by the State Treasurer as income; and from time to
     time pay the interest accumulating on the moneys remaining in
     the general sinking fund into the State School Fund and credited
     by the State Treasurer as income.