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An Ordinance of the County of Allegheny, Commonwealth of Pennsylvania, amending and supplementing the Allegheny County Code of Ordinances, Division 2, entitled "AdministrativeCode," Article 813, entitled "County Depositories," to alter the composition of the Depository Board.
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WHEREAS, under the terms of the Administrative Code of Allegheny County, Section 5-813.02, the Allegheny County Depository Board is currently comprised of the Chief Executive, Treasurer, Controller, and two individuals appointed by the Executive and approved by County Council; and
WHEREAS, the purpose of the Depository Board is to place control of the County's investment strategy in the hands of a diversified, independent body; and
WHEREAS, the presence of the Chief Executive on the Depository Board has the potential to run contrary to the necessary independence of the Board, if an Executive should attempt to use the Board as a means to implement his or her administration's financial or budgetary policies and if those policies should run contrary to sound fiscal principles; and
WHEREAS, it is the desire of Allegheny County Council to ensure the fiscal responsibility of the County in choosing investments;
The Council of the County of Allegheny hereby enacts as follows:
Section 1.
The Allegheny County Code of Ordinances, Division 2, entitled "Administrative Code," Article 813, entitled “County Depositories,” Section 5-813.02 is hereby amended as follows:
§5-813.02. The Depository Board.
The Chief Executive, Controller, and Treasurer shall constitute a majority quorum and the Chief Executive shall then appoint two additional members to the Board subject to the approval of the majority of the seated members of Council. All five members shal comprise the Depository Board of Allegheny County for the purpose of selecting depositories for the funds.
A. The Depository Board of Allegheny County shall be comprised of five members. The County Treasurer and County Controller shall serve as members of the Depository Board, as shall three members appointed by Allegheny County Council. The Controller, Treasurer and one appointed member shall constitute a majority quorum of the Board. The Depository Board shall select the depositories for the County's funds by majority vote.
B. No later than thirty days from the appointment of the third appointed Board member under the terms of this section, and every 120 days thereafter, the Board shall forward to the County Council and Chief Executive a report delineating, at a minimum, all depositories chosen by the Board for the investment of County funds, the amounts of County funds deposited with each depository, the types of funds or accounts into which all deposits are made and the amounts deposited into each fund or account, and the anticipated rate of return on each deposit.
C. No individual shall be appointed to serve on the Depository Board under the terms of this section if he or she is a County employee, the sibling, spouse, parent or child of a County employee, under any type of professional services or other contract to which the County is a party, or a principal or employee of any company having a business relationship with the County. No Board member shall vote in favor of selecting a depository in which he or she has any financial interest or to which he or she bears any fiduciary duty, or to which he or she bears any other type of business relationship whatsoever. No individual may serve more than 6 years as an appointed Board member, and any violation of the terms of this section shall constitute grounds for the removal of any appointed Board member by majority vote of the seated members of County Council.
Section 2. Severability. If any provision of this Ordinance shall be determined to be unlawful, invalid or unenforceable, then that provision shall be considered severable from the remaining provisions of this Ordinance which shall be in full force and effect.
PRIMARY SPONSOR: COUNCIL MEMBER DROZD