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House Co-Sponsorship Memoranda
House of Representatives
Session of 2013 - 2014
Regular Session
MEMORANDUM
| Posted: | April 8, 2014 12:39 PM |
|---|---|
| From: | Representative Mark Mustio |
| To: | All House members |
| Subject: | Authorizing The Allegheny County Airport Authority To Invest In Commercial Paper |
| I will be introducing legislation that would amend Title 53 (Municipalities Generally) by authorizing the Allegheny County Airport Authority (ACAA) to invest in commercial paper. Currently, the ACAA is unable to invest in commercial paper--a very safe and proven investment option, which is made available to the Philadelphia Authority for Industrial Development and the Philadelphia Parking Authority. The average return on commercial paper is higher than the returns of current investment options to which the ACAA is presently restricted under law. Additional investment income of $200,000 to $400,000 per year could be realized if the ACAA were permitted to invest in commercial paper. Furthermore, the ACAA has professional staff and investment procedures in place to ensure that the financial tools of the ACAA are invested prudently and properly. Thus, an internal system is already in place to appropriately handle and manage commercial paper. Finally, proceeds from the commercial paper investments would be used to reduce the costs of flights at the Pittsburgh International Airport. With the aforementioned in mind, please join me in sponsoring this important legislation so that the Allegheny County Airport Authority may utilize a financial tool that can help reduce the costs of air travel at the Pittsburgh International Airport. |
Introduced as HB2194