1Amending the act of June 25, 1919 (P.L.581, No.274), entitled
2"An act for the better government of cities of the first
3class of this Commonwealth," providing for a prohibition on
4interest rate swap agreements.

5The General Assembly of the Commonwealth of Pennsylvania
6hereby enacts as follows:

7Section 1. Article XVIII of the act of June 25, 1919
8(P.L.581, No.274), referred to as the First Class City
9Government Law, is amended by adding a section to read:

10Section 10. No city of the first class may enter into an
11interest rate management agreement, including a swap, interest
12rate cap, collar, corridor, ceiling and floor agreement, forward
13agreement and float agreement.

14Section 2. The addition of section 10 of Article XVIII of
15the act shall not apply to qualified interest rate management
16agreements in effect prior to the effective date of this
17section.

18Section 3. This act shall take effect in 60 days.