PRIOR PRINTER'S NO. 4294 PRINTER'S NO. 4585
No. 2806 Session of 2006
INTRODUCED BY HICKERNELL, BALDWIN, BELFANTI, CALTAGIRONE,
CAPPELLI, CLYMER, CRAHALLA, CREIGHTON, DALLY, DeWEESE,
FLAHERTY, GEIST, HERSHEY, R. MILLER, MUSTIO, PETRONE, ROSS,
SAYLOR, B. SMITH, SONNEY, STERN, TRUE, WANSACZ, BOYD, DALEY,
GINGRICH AND NICKOL, JUNE 20, 2006
AS REPORTED FROM COMMITTEE ON LOCAL GOVERNMENT, HOUSE OF
REPRESENTATIVES, AS AMENDED, SEPTEMBER 25, 2006
AN ACT
1 Amending the act of July 3, 1980 (P.L.372, No.93), entitled "An
2 act authorizing the town council of incorporated towns to
3 make investments of town funds and providing for the
4 regulation of such investments," further providing for
5 authorized types of investments.
6 The General Assembly of the Commonwealth of Pennsylvania
7 hereby enacts as follows:
8 Section 1. Section 1(d)(7) of the act of July 3, 1980
9 (P.L.372, No.93), entitled "An act authorizing the town council
10 of incorporated towns to make investments of town funds and
11 providing for the regulation of such investments," added
12 December 13, 1982 (P.L.1151, No.264), is amended to read:
13 Section 1. * * *
14 (d) Authorized types of investments for town funds shall be:
15 * * *
16 (7) Any investment authorized by 20 Pa.C.S. Ch. 73
17 (relating to [fiduciaries] municipalities investments) shall
1 be an authorized investment for any pension or retirement
2 fund or postretirement benefit, including, but not limited
3 to, health insurance, PROVIDED THAT THE INVESTMENT OF MONEY <--
4 DESIGNATED FOR ANY POSTRETIREMENT BENEFIT SHALL BE ACCOUNTED
5 FOR SEPARATELY IN ALL RESPECTS AND THAT THE EARNINGS FROM THE
6 INVESTMENT ARE COMPUTED, RECORDED AND CREDITED TO THE
7 ACCOUNTS FROM WHICH THE INVESTMENT WAS PURCHASED.
8 * * *
9 Section 2. This act shall take effect in 60 days.
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