(a)Regulatory Fund.--The Philadelphia Taxicab and Limousine Regulatory Fund is established as a special fund in the State Treasury. A balance remaining in the regulatory fund and previously held by the authority shall be transferred to the special fund in the State Treasury upon the effective date of section 5710 (relating to fees). The regulatory fund shall be the primary operating fund of the authority for the administration and enforcement of this chapter, and shall be administered as follows:
(1) Except as provided in subsection (a.1), the assessments, fees, penalties and other revenues, interest earned by the regulatory fund, refunds and repayments related to the administration and enforcement of this chapter shall be deposited into the regulatory fund.(2) Money deposited in the regulatory fund is reserved for the use of the authority and shall be transferred in equal amounts each month by the State Treasurer to the authority for the purposes of administering and enforcing this chapter.(3) Upon the effective date of this paragraph, the money in the regulatory fund shall be held and maintained as provided in paragraph (2).(a.1)Medallion Fund.--The Philadelphia Taxicab Medallion Fund is established as a special fund in the State Treasury. (1) The consideration, revenue, fees, interest earned by the medallion fund, refunds, repayments and other deposits related to the sale of medallions as provided in section 5717(b) (relating to additional certificates and medallions), shall be deposited into the medallion fund.(2) Money deposited in the medallion fund is reserved for the use of the authority and shall be transferred in equal amounts each month by the State Treasurer to the authority solely for the purposes of administering and enforcing taxicab regulation under this chapter.(c.1) Audit.--The authority shall have at least one annual examination of its books, accounts and records related to each of the funds established by this section by a certified public accountant.Amended by P.L. 455 2013 No. 64, § 4, eff. 7/9/2013.2004, July 16, P.L. 758, No. 94, § 10.1, effective March 12, 2005.