Section 12720.206 - Annual budget of authority(a)Budget.--Before March 1 of each year, the authority shall adopt a budget by a qualified majority of the board setting forth in reasonable detail the projected expenses of operation of the authority for the ensuing fiscal year (exclusive of the amounts set forth in paragraphs (1), (2), (3) and (4)), including, but not limited to, the salary and benefits of the executive director and any other employees of the authority, and the projected revenues of the authority to be derived from investment earnings and any other moneys of the authority which are estimated to be available to pay the operating expenses set forth in the budget. A copy of the authority's budget shall be submitted to the Governor and to the General Assembly. The authority or its designated representatives may be afforded an opportunity to appear before the Governor and the Appropriations Committee of the Senate and the Appropriations Committee of the House of Representatives regarding the authority's budget. The following information shall be submitted with the authority's budget: (1) the total amount of debt service to become due on authority bonds for such ensuing fiscal year, including payments of interest and principal, maturity value or sinking fund payments;(2) the amount, if any, due to any provider of any credit or liquidity facility representing payments made by such provider as provided in the applicable resolution or trust indenture as a result of any previous failure of the authority to make any payment provided for in the applicable resolution or trust indenture, including any related reasonable interest, fees or charges so provided;(3) the amount, if any, required to restore the debt service reserve fund to the level required under section 313 and the resolution of the authority establishing such fund; and(4) the amount, if any, required to be rebated to the United States to provide for continued Federal tax exemption for bonds of the authority.(b)Limit on operating expenses.--Following the submission of the authority's budget to the Governor and the General Assembly and any hearing held by an appropriations committee under subsection (a), the General Assembly, by concurrent resolution with presentment to the Governor, in accordance with section 9 of Article III of the Constitution of Pennsylvania, may limit the operating expenses of the authority. In that event, it shall be unlawful for the authority to spend more for operating expenses than the limit established for that fiscal year by the concurrent resolution. If the General Assembly does not adopt a concurrent resolution prior to May 30, the authority's budget shall be deemed approved for that fiscal year.(c)Sources of payment of authority expenses.--Authority operating expenses shall be budgeted and paid first from the revenues derived from the investment income of the authority and then from other moneys of the authority described in subsection (a) or from a tax imposed pursuant to Chapter 6 as permitted in subsection (a). The amount appropriated in section 701 shall be repaid by the authority from such sources or from the proceeds of the initial issue of bonds by the authority, and up to $500,000 of initial authority operating expenses may be funded with proceeds of the initial issue of bonds. The Commonwealth shall not be responsible for funding the annual budget of the authority.(d)Examination of books.--The chairperson and minority chairperson of the Appropriations Committee of the Senate and the chairperson and minority chairperson of the Appropriations Committee of the House of Representatives shall have the right at any time to examine the books, accounts and records of the authority. 1991, June 5, P.L. 9, No. 6, § 206, imd. effective.