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File #: 2011-1398    Version: 1
Type: Resolution Status: Passed Finally
File created: 2/8/2011 In control: Committee on Finance and Law
On agenda: Final action: 2/15/2011
Enactment date: 2/15/2011 Enactment #: 130
Effective date:    
Title: Resolution amending Resolution 883 of 2010, entitled "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" so as to reflect actions of Council taken at the end of 2010.
Sponsors: Darlene M. Harris, Patrick Dowd, William Peduto, Natalia Rudiak
Indexes: COOPERATION AGREEMENT/S, PARKING ASSETS
Attachments: 1. 2011-1398.doc
Title
Resolution amending Resolution 883 of 2010, entitled "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" so as to reflect actions of Council taken at the end of 2010.


Body
Whereas: Resolution 883 of 2010 was introduced and passed as a fix to the City's underfunded pension fund problems

Whereas: The state takeover was averted by dedicating future parking tax revenue to the pension fund

Whereas: It is the intention of Council to avert state takeover and abide by the five year plan as approved by the Intergovernmental Cooperation Authority

Whereas: It is still the will of Council to renegotiate and amend the 1995 Meter Revenue Sharing Co-Operation Agreement and other governing co-operation agreements between the City and the Authority

Whereas: In its current form resolution 883 of 2010 would harm the City without any appreciable return

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

Resolution 883 of 2010 is amended by removing Section 2 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 out the actions authorized by this resolution.

[Section 2. That the amended 1995 Meter Revenue Sharing Co-Operation Agreement shall dedicate irrevocably the increment of revenue generated from the meter rates authorized by the amended Ordinance 36 to the Comprehensive Municipal Pension Trust Fund through the end of 2041.]

Section [3] 2. That the Mayor and Solicitor of the City shall submit to the Council to read and file all amended co-operation agre...

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