Pennsylvania Act 1947-19 — FIRST CLASS CITIES OR COUNTIES TO INVEST IN UNITED STATES BONDS

Act text

FIRST CLASS CITIES OR COUNTIES TO INVEST IN UNITED STATES BONDS
                   Act of Apr. 2, 1947, P.L. 51, No. 19               Cl. 11
                                  AN ACT

     Authorizing the mayor, controller and treasurer of any city or
        county of the first class to invest money in the treasury of
        such city or county not required for immediate use in certain
        obligations of the United States Government, and to sell or
        have the same redeemed.

        The General Assembly of the Commonwealth of Pennsylvania
     hereby enacts as follows:

        Section 1.  The mayor, controller and treasurer of any city
     or county of the first class, are hereby authorized to invest
     money in the treasury of such city or county, not required for
     immediate use, in obligations of the United States Government,
     registered or otherwise as to principal and interest, in the
     name of such city or county, and which obligations shall mature
     or become payable not more than one year from the time the
     investment is made.
        Section 2.  The said mayor, controller and treasurer of any
     city or county are further authorized to sell or have redeemed
     any obligations so purchased.
        Section 3.  The act, approved the twenty-first day of May,
     one thousand nine hundred forty-three (Pamphlet Laws 591),
     entitled 'An act authorizing the mayor, controller and treasurer
     of any city or county of the first class, during the continuance
     of the hostilities incident to the present war, and for six
     months thereafter, to invest money in the treasury of such city
     or county not required for immediate use in certain obligations
     of the United States Government, and to sell or have the same
     redeemed," and all other acts and parts of acts inconsistent
     herewith are hereby repealed.
        Section 4.  The provisions of this act shall become effective
     immediately upon final enactment.