PRINTER'S NO. 3064
No. 2388 Session of 1978
INTRODUCED BY MELUSKEY, ARMSTRONG, STUBAN, DeWEESE, BROWN AND
KUKOVICH, APRIL 12, 1978
REFERRED TO COMMITTEE ON FINANCE, APRIL 12, 1978
AN ACT
1 Amending the act of April 9, 1929 (P.L.343, No.176), entitled
2 "An act relating to the finances of the State government;
3 providing for the settlement, assessment, collection, and
4 lien of taxes, bonus, and all other accounts due the
5 Commonwealth, the collection and recovery of fees and other
6 money or property due or belonging to the Commonwealth, or
7 any agency thereof, including escheated property and the
8 proceeds of its sale, the custody and disbursement or other
9 disposition of funds and securities belonging to or in the
10 possession of the Commonwealth, and the settlement of claims
11 against the Commonwealth, the resettlement of accounts and
12 appeals to the courts, refunds of moneys erroneously paid to
13 the Commonwealth, auditing the accounts of the Commonwealth
14 and all agencies thereof, of all public officers collecting
15 moneys payable to the Commonwealth, or any agency thereof,
16 and all receipts of appropriations from the Commonwealth and
17 imposing penalties; affecting every department, board,
18 commission, and officer of the State government, every
19 political subdivision of the State, and certain officers of
20 such subdivisions, every person, association, and corporation
21 required to pay, assess, or collect taxes, or to make returns
22 or reports under the laws imposing taxes for State purposes,
23 or to pay license fees or other moneys to the Commonwealth,
24 or any agency thereof, every State depository and every
25 debtor or creditor of the Commonwealth," further providing
26 for the investment of Commonwealth moneys by the Treasury
27 Department.
28 The General Assembly of the Commonwealth of Pennsylvania
29 hereby enacts as follows:
30 Section 1. Subsection (a) of section 301.1, act of April 9,
1 1929 (P.L.343, No.176), known as "The Fiscal Code," added June
2 19, 1961 (P.L.468, No.235), is amended to read:
3 Section 301.1. Investment of Moneys.--(a) The Treasury
4 Department may, from time to time, invest in direct [short-term]
5 obligations of the United States government or in obligations
6 for the payment of which the full faith and credit of the United
7 States government is pledged, such amounts of the moneys of the
8 Commonwealth, with the exception of moneys in any fund
9 authorized by law to be invested by any board, commission or
10 State officer, on deposit from time to time in State
11 depositories, as shall have accumulated beyond the ordinary
12 needs of various funds. The Treasury Department shall, from time
13 to time as necessary, sell such [short-term] obligations and
14 deposit the proceeds in State depositories as provided by this
15 act. The Treasury Department shall not, at any one time, have
16 invested in [short-term] obligations of the United States
17 government more than an aggregate of such total sum as the Board
18 of Finance and Revenue shall, by resolution, with the Governor's
19 approval, have prescribed.
20 * * *
21 Section 2. This act shall take effect in 60 days.
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