PRIOR PRINTER'S NO. 471 PRINTER'S NO. 1043
No. 451 Session of 1995
INTRODUCED BY DeLUCA, NAILOR, STABACK, PESCI, LYNCH, TIGUE,
TRELLO, CIVERA, MERRY, BAKER, KING AND VAN HORNE,
JANUARY 31, 1995
AS REPORTED FROM COMMITTEE ON EDUCATION, HOUSE OF
REPRESENTATIVES, AS AMENDED, FEBRUARY 28, 1995
AN ACT
1 Amending the act of March 10, 1949 (P.L.30, No.14), entitled "An
2 act relating to the public school system, including certain
3 provisions applicable as well to private and parochial
4 schools; amending, revising, consolidating and changing the
5 laws relating thereto," FURTHER PROVIDING FOR SCHOOL <--
6 SUBSIDIES; AND requiring interest to be paid on certain late
7 subsidy payments to school districts.
8 The General Assembly of the Commonwealth of Pennsylvania
9 hereby enacts as follows:
10 Section 1. The act of March 10, 1949 (P.L.30, No.14), known <--
11 as the Public School Code of 1949, is amended by adding a
12 section to read:
13 SECTION 1. SECTION 2517(D) OF THE ACT OF MARCH 10, 1949 <--
14 (P.L.30, NO.14), KNOWN AS THE PUBLIC SCHOOL CODE OF 1949, IS
15 AMENDED BY ADDING A CLAUSE TO READ:
16 SECTION 2517. PAYMENTS.--* * *
17 (D) SUBSECTION (C) OF THIS SECTION SHALL APPLY TO:
18 * * *
19 (4) PAYMENTS TO WHICH A SCHOOL DISTRICT IS ENTITLED UNDER
1 THE PROVISIONS OF SECTION 2502.21 AND FOR FOUNDATION FUNDING FOR
2 EQUITY FOR THE 1993-1994 SCHOOL YEAR AS PROVIDED IN THE ACT OF
3 JUNE 16, 1994 (P.L. , NO.6A), KNOWN AS THE "GENERAL
4 APPROPRIATION ACT OF 1994," FOR THE 1993-1994 SCHOOL YEAR AND
5 EACH SCHOOL YEAR THEREAFTER.
6 SECTION 2. THE ACT IS AMENDED BY ADDING A SECTION TO READ:
7 Section 2517.1. Interest on Late Subsidy Payments.--(A) The <--
8 department shall pay interest on any payment due any school
9 district under the provisions of section 2517 of this act which
10 is sent after the required due date. The interest rate per annum <--
11 during each fiscal year shall be the interest rate established
12 for one-year United States Treasury bills on the first day of
13 August of the fiscal year in which the payments are late.
14 (B) INTEREST SHALL BE COMPUTED AT THE RATE DETERMINED BY THE <--
15 SECRETARY OF REVENUE FOR INTEREST PAYMENTS ON OVERDUE TAXES OR
16 THE REFUND OF TAXES AS PROVIDED IN SECTIONS 806 AND 806.1 OF THE
17 ACT OF APRIL 9, 1929 (P.L.343, NO.176), KNOWN AS "THE FISCAL
18 CODE," AND ANY SUBSEQUENT AMENDMENTS TO THOSE SECTIONS.
19 Section 2 3. This act shall take effect immediately. <--
L29L24JLW/19950H0451B1043 - 2 -