PRIOR PRINTER'S NO. 491 PRINTER'S NO. 2487
No. 439 Session of 1997
INTRODUCED BY READSHAW, TULLI, BARLEY, WAUGH, SATHER, RUBLEY,
FARGO, GORDNER, HARHART, STEIL, BATTISTO, DeLUCA,
D. W. SNYDER, DENT, MELIO, HERMAN, PLATTS, YOUNGBLOOD, LYNCH,
TRELLO, BROWNE, STEELMAN, HENNESSEY, STABACK, TIGUE, CORNELL,
E. Z. TAYLOR, RAYMOND, CORRIGAN, PETTIT, FLICK, BOSCOLA,
MICHLOVIC, BARD, ROSS, SEYFERT AND McNAUGHTON,
FEBRUARY 11, 1997
AS REPORTED FROM COMMITTEE ON FINANCE, HOUSE OF REPRESENTATIVES,
AS AMENDED, OCTOBER 22, 1997
AN ACT
1 Amending the act of April 9, 1929 (P.L.343, No.176), entitled,
2 as amended, "An act relating to the finances of the State
3 government; providing for the settlement, assessment,
4 collection, and lien of taxes, bonus, and all other accounts
5 due the Commonwealth, the collection and recovery of fees and
6 other money or property due or belonging to the Commonwealth,
7 or 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,
17 authorizing the Commonwealth to issue tax anticipation notes
18 to defray current expenses, implementing the provisions of
19 section 7(a) of Article VIII of the Constitution of
20 Pennsylvania authorizing and restricting the incurring of
21 certain debt and imposing penalties; affecting every
22 department, board, commission, and officer of the State
23 government, every political subdivision of the State, and
24 certain officers of such subdivisions, every person,
25 association, and corporation required to pay, assess, or
26 collect taxes, or to make returns or reports under the laws
27 imposing taxes for State purposes, or to pay license fees or
28 other moneys to the Commonwealth, or any agency thereof,
1 every State depository and every debtor or creditor of the
2 Commonwealth," further providing for investment of moneys of
3 the Commonwealth; and making a repeal. <--
4 The General Assembly of the Commonwealth of Pennsylvania
5 hereby enacts as follows:
6 Section 1. Section 301.1 of the act of April 9, 1929
7 (P.L.343, No.176), known as The Fiscal Code, is amended by
8 adding a subsection to read:
9 Section 301.1. Investment of Moneys.--* * *
10 (i) (1) Notwithstanding subsections (a) through (h), the
11 Treasury Department shall have the exclusive management and full
12 power to invest and reinvest the moneys of any fund as shall be
13 accumulated beyond the ordinary needs of the various funds, and
14 which are not authorized by law to be invested by any board,
15 commission or State officer, subject, however, to the exercise
16 of that degree of judgment and care under the circumstances then
17 prevailing which persons of prudence, discretion and
18 intelligence, who are familiar with such matters, exercise in
19 the management of their own affairs not in regard to
20 speculation, but in regard to the permanent disposition of the
21 funds, considering the probable income to be derived therefrom
22 as well as the probable safety of their capital. The Treasury
23 Department shall have the power to hold, purchase, sell, assign,
24 transfer and dispose of any securities and investments in any
25 such fund, as well as the proceeds of such investments and of
26 the money belonging to any such fund. The Treasury Department
27 shall, through the Governor, submit to the General Assembly
28 annually, at the same time the Treasury Department submits its
29 budget covering administrative expenses, a report identifying
30 the nature and amount of all existing investments made pursuant
31 to this section.
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1 (2) This subsection shall expire December 31, 2000. <--
2 (2) THE AUTHORITY TO INVEST OR REINVEST THE MONEYS OF ANY <--
3 FUND PURSUANT TO THIS SECTION SHALL EXPIRE DECEMBER 31, 2000.
4 THE TREASURY DEPARTMENT MAY MAINTAIN INVESTMENTS PURSUANT TO
5 THIS SECTION WHICH ARE IN EXISTENCE ON THE EXPIRATION DATE IN
6 THIS PARAGRAPH FOR NOT MORE THAN TWO YEARS FOLLOWING SUCH
7 EXPIRATION DATE.
8 Section 2. This act shall take effect immediately.
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