PRINTER'S NO. 554
No. 525 Session of 1997
INTRODUCED BY BELL, BELAN AND WOZNIAK, FEBRUARY 25, 1997
REFERRED TO FINANCE, FEBRUARY 25, 1997
AN ACT
1 Amending the act of February 17, 1906 (P.L.45, No.11), entitled
2 "An act to regulate the deposits of State funds, to prescribe
3 the method of selecting State depositories, to limit the
4 amount of State deposits, to provide for the security of such
5 deposits, to fix the rate of interest thereon, to provide for
6 the publication of monthly statements of moneys in the
7 general and sinking funds, to declare it a misdemeanor to
8 give or take anything of value for obtaining the same, and
9 prescribing penalties for violations of this act," imposing a
10 restriction on investments.
11 The General Assembly of the Commonwealth of Pennsylvania
12 hereby enacts as follows:
13 Section 1. The act of February 17, 1906 (P.L.45, No.11),
14 entitled "An act to regulate the deposits of State funds, to
15 prescribe the method of selecting State depositories, to limit
16 the amount of State deposits, to provide for the security of
17 such deposits, to fix the rate of interest thereon, to provide
18 for the publication of monthly statements of moneys in the
19 general and sinking funds, to declare it a misdemeanor to give
20 or take anything of value for obtaining the same, and
21 prescribing penalties for violations of this act," is amended by
1 adding a section to read:
2 Section 3.2. State funds may not be invested in stocks,
3 securities or other obligations of a corporation that is
4 incorporated in a state which prohibits investment of its state
5 funds or public employe retirement system funds in corporations
6 incorporated in this Commonwealth.
7 Section 2. This act shall take effect immediately.
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