PRINTER'S NO. 151
No. 7 Session of 2005
INTRODUCED BY BOSCOLA, MELLOW, LAVALLE, MUSTO, WOZNIAK, KITCHEN,
PIPPY, O'PAKE, WONDERLING, KASUNIC, ORIE, STACK AND
C. WILLIAMS, FEBRUARY 4, 2005
REFERRED TO RULES AND EXECUTIVE NOMINATIONS, FEBRUARY 4, 2005
A RESOLUTION
1 Amending the Rules of the Senate by adding a rule relating to
2 financial interests in gaming entities.
3 RESOLVED, That the Rules of the Senate be amended by adding a
4 rule to read:
5 XXXVIII
6 Financial Interests in Gaming Entities
7 (1) Except as hereinafter provided, no member or spouse or
8 child of a member, shall hold or acquire during the member's
9 tenure in office, any ownership or other financial interest,
10 including both equity and indebtedness, in any entity required
11 to be licensed by the act of July 5, 2004 (P.L. 572, No. 71),
12 known as the Pennsylvania Race Horse Development and Gaming Act,
13 or in the subsidiaries or affiliates, as defined in that act, of
14 any such licensed entity.
15 (2) The provisions of this Rule shall not be applicable to
16 the following:
17 (a) an interest held through a defined benefit pension
1 plan;
2 (b) an interest held through a deferred compensation
3 plan organized and operated pursuant to section 457 of the
4 Internal Revenue Code of 1986 (Public Law 99-514, 26 U.S.C. §
5 1 et seq);
6 (c) an interest held through a tuition account plan
7 organized and operated pursuant to section 529 of the
8 Internal Revenue Code;
9 (d) an interest held through a plan described in section
10 401(k) of the Internal Revenue Code;
11 (e) an interest held in an employer profit-sharing plan
12 qualified under the Internal Revenue Code;
13 (f) an interest held in a mutual fund where the interest
14 owned by the individual fund in the licensed entity as
15 described herein does not amount to control of the entity as
16 defined by the Federal Investment Company Act of 1940 (54
17 Stat. 789, 15 U.S.C. § 80 a-1 et. seq);
18 (g) an interest held in a blind trust over which the
19 holder may not exercise any managerial control or receive
20 income during the time period the member holds office.
21 (3) Exceptions provided for in paragraph (2)(a) through (f)
22 above shall be inapplicable if the member or spouse or child of
23 a member has any discretion in choosing individual investments
24 within the portfolio in which the interest is held.
25 (4) Annually, on or before January 31st of each calendar
26 year, members shall file an affidavit with the Secretary of the
27 Senate, on a form provided by the Secretary of the Senate
28 affirming compliance with this Rule for the preceding calendar
29 year.
30 (5) Any member, including a spouse and child of a member,
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1 holding an ownership or other financial interest prohibited by
2 this Rule on the date of its adoption by the Senate, shall have
3 30 days from that date to completely divest that interest and to
4 file an affidavit affirming the divestiture with the Secretary.
5 (6) A member, including a spouse and a child of a member,
6 elected to the Senate subsequent to the adoption of this Rule
7 shall have 30 days from the date the member is sworn into office
8 to divest such interest and file the affidavit referred to in
9 paragraph (4).
10 (7) All affidavits filed pursuant to this Rule shall be made
11 available for public inspection and copying during regular
12 office hours. Copies shall be made available at a charge not to
13 exceed the actual cost.
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