§ 11804.1. Investment of city money
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 11 Pa.C.S.A. CitiesEffective: January 25, 2016
Effective: January 25, 2016
11 Pa.C.S.A. § 11804.1
Formerly cited as PA ST 53 P.S. § 36804.1
§ 11804.1. Investment of city money
(1) The investment of city sinking funds as authorized by 53 Pa.C.S. Pt. VII Subpt. B1 (relating to indebtedness and borrowing).
(3) Deposits in savings accounts, time deposits, other than certificates of deposit, or share accounts of institutions insured by the Federal Deposit Insurance Corporation or the National Credit Union Share Insurance Fund to the extent that the accounts are so insured and, for any amounts above the insured maximum, provided that approved collateral as prescribed by law shall be pledged by the depository.
(5) Shares of an investment company registered under the Investment Company Act of 1940 (54 Stat. 789, 15 U.S.C. § 80a-1 et seq.), whose shares are registered under the Securities Act of 1933 (48 Stat. 74, 15 U.S.C. § 77a et seq.), provided that the only investments of the company are in the authorized investments of city money under paragraphs (1), (2), (3) and (4).
(6) Certificates of deposit purchased from institutions insured by the Federal Deposit Insurance Corporation or the National Credit Union Share Insurance Fund to the extent that the accounts are so insured. However, for any amounts above the insured maximum, the certificates of deposit shall be collateralized by a pledge or assignment of assets of the institution, and the collateral may include loans, including interest in pools of loans, secured by first mortgage liens on real property. Certificates of deposit purchased from commercial banks shall be limited to an amount equal to 20% of a bank's total capital and surplus. Certificates of deposit purchased from savings and loan associations or savings banks shall be limited to an amount equal to 20% of an institution's assets minus liabilities.
(8) Repurchase agreements which are fully collateralized by obligations of the United States Government or its agencies or instrumentalities, which are free from other liens and backed by the full faith and credit of the United States or are rated in the highest category by a nationally recognized statistical rating organization.
(9) Deposits in investment pools established by the State Treasurer or established by local governments pursuant to 53 Pa.C.S. Ch. 23 Subch. A (relating to intergovernmental cooperation) and related statutes, provided that the investment pools are rated in the highest category by a nationally recognized statistical rating organization.
(1) Permit assets pledged as collateral under subsection (d)(3) to be pooled in accordance with the act of August 6, 1971 (P.L. 281, No. 72),2 entitled “An act standardizing the procedures for pledges of assets to secure deposits of public funds with banking institutions pursuant to other laws; establishing a standard rule for the types, amounts and valuations of assets eligible to be used as collateral for deposits of public funds; permitting assets to be pledged against deposits on a pooled basis; and authorizing the appointment of custodians to act as pledgees of assets.”
(2) Combine money from more than one fund under city control for the purchase of a single investment, provided that each of the funds shall be accounted for separately in all respects and that the earnings from the investment are separately and individually computed and recorded and credited to the accounts from which the investment was purchased.
2015, Nov. 24, P.L. 242, No. 67, § 1, effective in 60 days [Jan. 25, 2016].
11 Pa.C.S.A. § 11804.1, PA ST 11 Pa.C.S.A. § 11804.1
Current through 2023 Regular Session Act 32. Some statute sections may be more current, see credits for details.
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