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An Ordinance amending the terms of Bill No. 5154-09, which authorized the sale of County-owned real property located at 3333 Forbes Avenue in the City of Pittsburgh, in order to alter the manner in which the County is to administer the proceeds of such sale.
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Whereas, on November 4, 2009, Allegheny County approved Bill No. 5154-09, an ordinance authorizing the sale of County-owned real property located at 3333 Forbes Avenue in the City of Pittsburgh to a private development group in exchange for the sum of $4.9 million; and
Whereas, Section 5 of Bill No. 5154-09, entitled “Establishment and Operation of Fund,” required that $4.9 million was to be deposited into a restricted fund with limited permissible uses, and has generated a significant amount of discussion and has been the source of concerns regarding the ability of the County to use revenue from the restricted fund for necessary purposes;
WHEREAS, it is the desire of Council to amend Section 5 of Bill No. 5154-09 in order to alleviate these concerns;
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. Amendment of Section 5 of Bill No. 5154-09.
Section 5 of Bill No. 5154-09 is hereby repealed in its entirety and replaced as follows:
Section 5. Establishment and Operation of Fund.
Allegheny County hereby establishes a restricted fund, to be known as the “Allegheny County 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 the sum of $4.9 million, which is...
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