PRINTER'S NO. 1107
No. 1005 Session of 1987
INTRODUCED BY TRELLO, NAHILL, MORRIS, PETRONE, VAN HORNE,
PRESTON, NOYE, HAYDEN, LASHINGER AND HALUSKA, APRIL 7, 1987
REFERRED TO COMMITTEE ON FINANCE, APRIL 7, 1987
AN ACT
1 Amending the act of April 9, 1929 (P.L.343, No.176), entitled,
2 as amended, "An act relating to the finances of the State
3 government; providing for the settlement, assessment,
4 collection, and lien of taxes, bonus, and all other accounts
5 due the Commonwealth, the collection and recovery of fees and
6 other money or property due or belonging to the Commonwealth,
7 or any agency thereof, including escheated property and the
8 proceeds of its sale, the custody and disbursement or other
9 disposition of funds and securities belonging to or in the
10 possession of the Commonwealth, and the settlement of claims
11 against the Commonwealth, the resettlement of accounts and
12 appeals to the courts, refunds of moneys erroneously paid to
13 the Commonwealth, auditing the accounts of the Commonwealth
14 and all agencies thereof, of all public officers collecting
15 moneys payable to the Commonwealth, or any agency thereof,
16 and all receipts of appropriations from the Commonwealth,
17 authorizing the Commonwealth to issue tax anticipation notes
18 to defray current expenses, implementing the provisions of
19 section 7(a) of Article VIII of the Constitution of
20 Pennsylvania authorizing and restricting the incurring of
21 certain debt and imposing penalties; affecting every
22 department, board, commission, and officer of the State
23 government, every political subdivision of the State, and
24 certain officers of such subdivisions, every person,
25 association, and corporation required to pay, assess, or
26 collect taxes, or to make returns or reports under the laws
27 imposing taxes for State purposes, or to pay license fees or
28 other moneys to the Commonwealth, or any agency thereof,
29 every State depository and every debtor or creditor of the
30 Commonwealth," further providing for State depositories.
31 The General Assembly of the Commonwealth of Pennsylvania
1 hereby enacts as follows:
2 Section 1. Section 505 of the act of April 9, 1929 (P.L.343,
3 No.176), known as The Fiscal Code, is amended by adding a
4 subsection to read:
5 Section 505. State Depositories.--The Board of Finance and
6 Revenue shall have the power, and its duty shall be,
7 * * *
8 (b.1) To select, as depositories for State funds, savings
9 associations, savings banks, Federal savings and loan
10 associations and Federal savings banks whose principal offices
11 are in this Commonwealth. Statutory provisions requiring money
12 to be deposited in an account that is subject to withdrawal by
13 check or otherwise on demand shall be satisfied by depositing
14 the money in an account that is subject to withdrawal by a
15 negotiable order of withdrawal.
16 * * *
17 Section 2. This act shall take effect immediately.
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