State Repays 2002 USTIF Loan
July 6, 2021
On June 30, the Office of the Budget Office made two transfers into the Underground Storage Tank Indemnification Fund (USTIF) cash account at the Pennsylvania Treasury totaling $86,474,925.68.
This represents the entire repayment of the General Fund loan from 2002. The principal amount of $67,500,000.00 was repaid as well as the entire amount of the accrued interest of $18,974,925.68.
This repayment does not include the $30 million transfer from USTIF to the state’s general fund in April 2020 to purchase COVID-19 medical equipment.
The Department of Insurance Bureau of Special Fund’s investment team has been notified and are currently making plans to move the funds into several areas of the USTIF investment portfolio.