1Amending Title 64 (Public Authorities and Quasi-Public
2Corporations) of the Pennsylvania Consolidated Statutes,
3establishing the Pennsylvania Investment Bank Fund.

4The General Assembly of the Commonwealth of Pennsylvania
5hereby enacts as follows:

6Section 1. Chapter 15 of Title 64 of the Pennsylvania
7Consolidated Statutes is amended by adding a subchapter to read:

8SUBCHAPTER F

9INVESTMENT BANK FUND

10Sec.

111561. Investment Bank Fund.

12§ 1561. Investment Bank Fund.

13(a) Establishment.--The authority shall establish a trust
14account known as the Investment Bank Fund into which it shall
15deposit all funds transferred to the authority under subsection
16(b).

17(b) Revenue sources.--The following revenues shall be

1transferred to the authority for deposit into the fund
2established under subsection (a):

3(1) For the fiscal year beginning July 1, 2013, and any
4fiscal year thereafter, in which the Secretary of the Budget
5certifies that there is a surplus in the General Fund, 25% of
6the surplus. Funds shall be transferred to the authority by
7the end of the next succeeding quarter.

8(2) All unexpended funds appropriated to the authority
9under the following sections of the act of July 9, 2008 (1st
10Sp.Sess., P.L.1873, No.1), known as the Alternative Energy
11Investment Act:

12(i) Section 304.

13(ii) Section 307(b) and (c).

14(3) All unexpended funds appropriated to the authority
15under section 1556 (relating to Tax Increment Financing
16Guarantee Program).

17(4) Fifty percent of any revenue dedicated to State
18initiatives and generated from any tax or impact fee imposed
19on unconventional wells producing natural gas in this
20Commonwealth pursuant to law. This amount shall be in
21addition to any revenue allocated to the authority for
22environmental initiatives pursuant to law.

23(5) All proceeds from loan repayments made pursuant to
24the programs identified under paragraph (2) and subsection
25(c).

26(6) Any other funds appropriated or transferred to the
27fund under law.

28(c) Use of funds.--Money deposited into the fund established
29under subsection (a) may be used by the authority for eligible
30projects under the following provisions of law or transfers to

1the following programs:

2(1) The Business in Our Sites Program.

3(2) The First Industries Program.

4(3) The Water Supply and Wastewater Infrastructure
5Program.

6(4) The act of July 9, 2008 (P.L.908, No.63), known as
7the H2O PA Act. The provisions of section 301 of the H2O PA
8Act which prohibit the distribution of grants for any project
9located in a city or county of the first or second class
10shall not apply to projects funded with money allocated to
11the fund established under subsection (a).

12(5) Section 307(a)(1), (b) or (c) of the Alternative
13Energy Investment Act.

14(6) Annual transfers to the Pennsylvania Infrastructure
15Investment Authority for eligible projects under the act of
16March 1, 1988 (P.L.82, No.16), known as the Pennsylvania
17Infrastructure Investment Authority Act.

18(d) Applicability.--The provisions of section 1512(d)(1)
19(relating to board) shall apply to all projects approved or fund
20transfers made by the authority from the fund established under
21subsection (a).

22Section 2. This act shall take effect in 60 days.