An Ordinance establishing an Allegheny County Sunny Day Fund and providing for the administration of revenues placed into such fund.
WHEREAS, Allegheny County, along with many other counties throughout the country have experienced problems with involuntary unemployment which negatively impacts the economy, government services through lack of tax revenue and the citizens in need of income; and
WHEREAS, it is in the interest of the County and its citizens to foster the health, safety, morals, opportunity for gainful employment, and general welfare of the people to promote the development of large industrial, manufacturing, or research and development enterprises; and
WHEREAS, the promotion of the development of business within the County of Allegheny for the purposes of providing additional jobs would be fostered by a county fund reflective of the “Sunny Day Fund” established by the General Assembly; 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, and it is the desire of the Council to create such a fund through any future revenues derived from natural gas or other resource leasing or extraction activities as well as revenues derived from advertising and corporate naming rights;
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 “Sunny Day” Special Reserve Fund.
Allegheny County hereby establishes a fund, to be known as the “Allegheny County Sunny Day 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, shall remain in place con...
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