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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 ...
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