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File #: 2021-2059    Version:
Type: Ordinance Status: Passed Finally
File created: 10/15/2021 In control: Committee on Finance and Law
On agenda: 11/22/2021 Final action: 11/30/2021
Enactment date: 11/30/2021 Enactment #: 49
Effective date: 12/6/2021    
Title: Ordinance amending the City Code so as extend the life of the Parking Tax asset, and make related changes to effectuate that extension.
Sponsors: R. Daniel Lavelle, Theresa Kail-Smith, Reverend Ricky V. Burgess, Anthony Coghill, Bruce A. Kraus
Indexes: PARKING ASSETS
Attachments: 1. 2021-2059 FIS Parking Asset
Title
Ordinance amending the City Code so as extend the life of the Parking Tax asset, and make related changes to effectuate that extension.

Body
The Council of the City of Pittsburgh hereby enacts as follows:

Section 1. The City Code is hereby amended and supplemented at Title Two: Fiscal, Article XI: Dedicated Funding for Comprehensive Municipal Pension Trust Fund, Chapter 272: Dedicated Funding for Comprehensive Municipal Pension Fund, as follows:


CHAPTER 272: - DEDICATED FUNDING FOR COMPREHENSIVE MUNICIPAL PENSION TRUST FUND

? 272.01 - SOURCES OF FUNDING.
The City Council hereby dedicates irrevocably to the Comprehensive Municipal Pension Trust Fund [for purposes of Act 44 of 2009] the receipts of revenue from the Parking Tax for the years 2011 through 2041 2046 to be calculated as a present value asset, according to the following schedule of annual payments:


Year
Total
2010
$ -
2011
$13,376,000
2012
$13,376,000
2013
$13,376,000
2014
$13,376,000
2015
$13,376,000
2016
$13,376,000
2017
$13,376,000
2018
$26,752,000
2019
$26,752,000
2020
$26,752,000
2021
$26,752,000
2022
$26,752,000
2023
$26,752,000
2024
$26,752,000
2025
$26,752,000
2026
$26,752,000
2027
$26,752,000
2028
$26,752,000
2029
$26,752,000
2030
$26,752,000
2031
$26,752,000
2032
$26,752,000
2033
$26,752,000
2034
$26,752,000
2035
$26,752,000
2036
$26,752,000
2037
$26,752,000
2038
$26,752,000
2039
$26,752,000
2040
$26,752,000
2041
$26,752,000
2042
$26,752,000
2043
$26,752,000
2044
$26,752,000
2045
$26,752,000
2046
$26,752,000

[735,680,000] $869,440,000

[? 272.02 - AGREEMENT WITH PITTSBURGH PARKING AUTHORITY.

This Chapter does not preclude the Mayor of the City of Pittsburgh and the Pittsburgh Parking Authority from implementing Acts 763 and 36 of 2010 (Bills 2010-1026 and 2010-1027) at any time.]

? 272.03 - GUARANTEE.
Should the City's Parking Tax fail to generate the required revenue, the City pledges its full faith and credit to meet this obligation. The dedication of the amounts detailed...

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