Pittsburgh Logo
Share to Facebook Share to Twitter Bookmark and Share
File #: 2021-2331    Version: 1
Type: Ordinance Status: Passed Finally
File created: 12/10/2021 In control: Committee on Finance and Law
On agenda: 12/14/2021 Final action: 12/20/2021
Enactment date: 12/20/2021 Enactment #: 67
Effective date: 12/27/2021    
Title: Ordinance, amending the City Code at Title Two: Fiscal, Article XI: Dedicated Funding for Comprehensive Municipal Pension Trust Fund, Chapter 272: Dedicated Funding for Comprehensive Municipal Pension Trust Fund, to extend the parking asset an additional five years.
Sponsors: R. Daniel Lavelle
Indexes: TRUST FUND

Title

Ordinance, amending the City Code at Title Two: Fiscal, Article XI: Dedicated Funding for Comprehensive Municipal Pension Trust Fund, Chapter 272: Dedicated Funding for Comprehensive Municipal Pension Trust Fund, to extend the parking asset an additional five years.

 

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 the receipts of revenue from the Parking Tax for the years 2011 through [2046] 2051 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

2047

$26,752,000

2048

$26,752,000

2049

$26,752,000

2050

$26,752,000

2051

$26,752,000

 

[$869,440,000] $1,003,200,000

 

 

§ 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 on the schedule detailed in this Chapter is irrevocable.

 

§ 272.04 - SUNSET.

This Chapter shall remain in effect so long as the funding is required to maintain the Comprehensive Municipal Pension Trust Fund at or above an eighty (80) percent funding ratio without the present value asset or December 31, [2046] 2051 whichever comes first.

 

§ 272.05 DEED OF TRUST

The City may enter into a cooperation agreement with the Comprehensive Municipal Pension Trust Fund Board providing that such agreement ends when the funding reaches an eighty (80) percent funding ratio without the present value asset or December 31, [2046] 2051 whichever comes first.  The agreement shall come as a resolution before Council and a signed copy shall be filed with the City Clerk.