Presenter
Presented by Mr. Hertzberg
Title
Resolution requesting that the Governor, State Legislature and Act 47 Coordinator amend Act 205 of 1984 "The Municipal Pension Plan Funding Standard and Recovery Act," Section 302(e), by allowing or suspending provisions in order that Cities of the Second Class can delay the 2004 Pension payment until fiscal year 2005 without penalty, for fiscal year 2004 only.
Body
Whereas, due to the Fiscal Crisis of the City of Pittsburgh and the need for the City to meet all of its obligations by the end of the year, City Council is requesting that the State of Pennsylvania allow the City to delay its 2004 Pension Obligation Payment until June 1, 2005 without penalty; and,
Whereas, it is the fiduciary responsibility of City Council to save the funds wherever possible and avoid further obligating taxpayers with debt and lending fees during this time of crisis.
Be it resolved by the Council of the City of Pittsburgh as follows:
Section 1. That the Council respectfully requests that the Governor, State Legislature and Act 47 Coordinators amend Act 205 of 1984 "The Municipal Pension Plan Funding Standard and Recovery Act," Section 302(e), by allowing or suspending provisions in order that Cities of the Second Class can delay the 2004 Pension payment until fiscal year 2005 without penalty, for fiscal year 2004 only.