Share to Facebook Share to Twitter Bookmark and Share
File #: 2010-1115    Version:
Type: Resolution Status: Veto was Overridden
File created: 11/16/2010 In control: City Council
On agenda: Final action:
Enactment date: 12/28/2010 Enactment #: 883
Effective date:    
Title: Resolution authorizing the Mayor of the City of Pittsburgh to renegotiate the co-operation agreements between the City of Pittsburgh and the Pittsburgh Public Parking Authority so as to dedicate irrevocably the revenue generated by increased meter rates to the Pittsburgh Comprehensive Municipal Pension Trust Fund
Sponsors: Darlene M. Harris, Natalia Rudiak, Patrick Dowd, Bruce A. Kraus, William Peduto, Douglas Shields
Indexes: COOPERATION AGREEMENT/S, PARKING ASSETS
Attachments: 1. 2010-1115.doc, 2. 2010-1115 VERSION 2.doc

title
Resolution authorizing the Mayor of the City of Pittsburgh to renegotiate the co-operation agreements between the City of Pittsburgh and the Pittsburgh Public Parking Authority so as to dedicate irrevocably the revenue generated by increased meter rates to the Pittsburgh Comprehensive Municipal Pension Trust Fund









body
WHEREAS, the 1995 Meter Revenue Sharing Co-Operation Agreement (the “Co-Operation Agreement”) between the City of Pittsburgh (the “City”) and the Public Parking Authority of Pittsburgh (the “Authority”) governs revenue sharing arrangements relative to the public parking meters in the City; and,

WHEREAS, the Council of the City passed Ordinance 36 of 2010 raising rates for parking meters over the next thirty (30) years and this ordinance became law on November 9, 2010; and,

WHEREAS, it remains the intention of the Council of the City to dedicate irrevocably the revenue generated by increase parking meter rates to the Comprehensive Municipal Pension Trust Fund between 2011 and 2041 for the purpose of providing adequate funding for the City's existing pension obligations; and,

WHEREAS, the Council of the City will amend Ordinance 36 of 2010 to reflect its intentions to dedicate irrevocably the revenue generated by increase parking meter rates to improve the funding level of the Comprehensive Municipal Pension Trust Fund; and,

WHEREAS, the Council of the City in no way intends to jeopardize the good relations between the Authority and its bond holders and acknowledges that the pledge of this revenue will be subordinate to all existing bond covenants governing the operations of the Authority,

Be it resolved by the Council of the City of Pittsburgh as follows:

Section 1. That the Mayor and Solicitor of the City are hereby authorized to renegotiate and amend the 1995 Meter Revenue Sharing Co-Operation Agreement and other governing co-operation agreements between the City and the Authority in order to carry ...

Click here for full text