PRINTER'S NO. 691
No. 626 Session of 2007
INTRODUCED BY HICKERNELL, BELFANTI, BOYD, CALTAGIRONE, CAPPELLI,
CLYMER, DENLINGER, DeWEESE, GEIST, GIBBONS, HERSHEY,
HORNAMAN, KILLION, McILHATTAN, MUSTIO, MYERS, NICKOL,
PETRONE, ROSS, SAYLOR, STERN, THOMAS AND TRUE, MARCH 6, 2007
REFERRED TO COMMITTEE ON LOCAL GOVERNMENT, MARCH 6, 2007
AN ACT
1 Amending the act of June 24, 1931 (P.L.1206, No.331), entitled
2 "An act concerning townships of the first class; amending,
3 revising, consolidating, and changing the law relating
4 thereto," further providing for investment of township funds.
5 The General Assembly of the Commonwealth of Pennsylvania
6 hereby enacts as follows:
7 Section 1. Section 1705.1(d)(vii) of the act of June 24,
8 1931 (P.L.1206, No.331), known as The First Class Township Code,
9 reenacted and amended May 27, 1949 (P.L.1955, No.569) and added
10 December 13, 1982 (P.L.1153, No.265), is amended to read:
11 Section 1705.1. Investment of Township Funds.--* * *
12 (d) Authorized types of investments for township funds shall
13 be:
14 * * *
15 (vii) Any investment authorized by 20 Pa.C.S. Ch. 73
16 (relating to [fiduciaries] municipalities investments) shall be
17 an authorized investment for any pension or retirement fund[.]
18 or postretirement benefit, including, but not limited to, health
1 insurance, provided that the investment of money designated for
2 any postretirement benefit shall be accounted for separately in
3 all respects and that the earnings from the investment are
4 computed, recorded and credited to the accounts from which the
5 investment was purchased.
6 * * *
7 Section 2. This act shall take effect in 60 days.
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