The repeal of 74 Pa.C.S. Ch. 13 is subject to the following: (1) Notwithstanding the repeal: (i) The fund shall continue to receive revenue the fund was entitled to receive on June 30, 2007. (ii) Transit entities that have outstanding obligations shall continue to receive money from the fund calculated and paid in the same manner as was provided on June 30, 2007. (iii) Transit entities that do not have outstanding obligations shall not be entitled to receive additional money from the fund after June 30, 2007. (iv) No transit entity shall be entitled to pledge the money from the fund to secure additional obligations issued after June 30, 2007. (v) Money remaining in the fund after payments under subparagraph (ii) shall be transferred monthly to the Public Transportation Trust Fund established under 74 Pa.C.S. § 1506. (vi) Payments to transit entities under 74 Pa.C.S. Ch. 15 shall be reduced by amounts received by the transit entity from the fund under subparagraph (ii). (2) As used in this section, the following words and phrases shall have the meanings given to them in this subsection: "Department." The Department of Transportation of the Commonwealth. "Fund." The Public Transportation Assistance Fund. "Obligations." Any bonds, notes, bond anticipation notes, refunding notes and bonds, interim certificates, debentures and other evidences of indebtedness or obligations of a transit entity with respect to which revenues from the fund have been pledged prior to June 30, 2007. "Transit entity." Any class of transit entity, as defined in former section 1301 of Title 74. (3) The Commonwealth pledges to and agrees with any person, firm or corporation holding any bonds previously issued by, or any other debt incurred by, a local transportation organization and secured in whole or part by a pledge of the funds provided to the local transportation organization from the Public Transportation Assistance Fund that the Commonwealth will not limit or alter rights vested in a local transportation organization in any manner inconsistent with obligations of the local transportation organization to the obligees of the local transportation organization until all bonds previously issued or other debt incurred, together with the interest on the bonds or debt, is fully paid or provided for.
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