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An Ordinance establishing an Allegheny County “Rainy Day” Special Reserve Fund and providing for the administration of revenues placed into such fund.
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Whereas, Allegheny County has not created a formalized special reserve fund in order to provide funding to be held in reserve in case of unforeseen circumstances that could cause the depletion of the County's general fund; and
Whereas, the creation of such a special reserve fund has been recommended by multiple Members of County Council, as well as by the Allegheny Count Controller; and
WHEREAS, it is accordingly the desire of Council to create an Allegheny County Special Reserve fund in order to provide the County with a means of meeting certain unforeseen expenses; and
WHEREAS, the Council of Allegheny County is of the belief that the creation of such a fund will inure to the benefit of the citizens of the County;
The Council of the County of Allegheny hereby enacts as follows:
Section 1. Incorporation of Preamble.
The provisions set forth in the preamble to this Ordinance are incorporated by reference in their entirety herein.
Section 2. Establishment and Operation of Allegheny County “Rainy Day” Special Reserve Fund.
Allegheny County hereby establishes a restricted fund, to be known as the “Allegheny County 'Rainy Day' Special Reserve Fund (hereinafter “Fund” or “the Fund”). The Fund shall consist of those specific accounts and investments as are identified for the purpose of this Ordinance. The Fund shall not be co-mingled with any other funds of the County or any other entity, and shall be operated and administered as follows:
A. Deposits. The initial deposit into the Fund shall be determined by County Council and made no later than January 5, 2010. The County may, from time to time thereafter, make additional deposits into the Fund from any sale, lease or other disposition of County property, or from any sums received from any source other than tax...
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