The Treasurer shall receive all monies due or accruing to the County. The Treasurer shall keep a just and true account of all monies received and disbursed. The books of the Treasurer shall at all times during office hours be open to the inspection of the Controller and the Manager. The Treasurer shall report daily to the Controller and Manager all monies received for the County, the person by whom, and on what account they were paid. The Treasurer shall give a receipt for all monies paid into the County Treasury.
The Chief Executive, Controller, and Treasurer shall constitute a majority quorum and the Chief Executive shall then appoint two additional members to the Board subject to the approval of the majority of the seated members of Council. All five members shall comprise the Depository Board of Allegheny County for the purpose of selecting depositories for the funds.
The Board shall meet at the Office of the Controller not later than noon of the third Wednesday after the first Monday of January following the election of the Treasurer, and thereafter as may be necessary, and shall there organize and elect a chairperson and decide upon the number of banks and banking institutions, as depositories of County funds, for such period of time as the Board may determine, but not to succeed the term for which the Treasurer is elected.
A. 
At said meeting or at any subsequent meeting agreed upon, said Board shall designate the depositories.
B. 
Depositories so designated shall, upon receipt of notice of their selection as a depository of County funds, furnish collateral to secure payment of deposits and interest to the County by depositing in escrow securities to be approved by the Board. Such securities shall be of the kind and in the amount to be fixed by the Board. Substitution of such securities may be made with the approval of the Board in each case. The Board may designate a branch bank of the Federal Reserve Bank of the district, located within the County, as escrow agent for the keeping of securities and to perform such functions as the Board may prescribe.
C. 
The Treasurer, upon the designation of such depository or depositories, shall immediately transfer thereto all County funds to be deposited, and shall thereafter keep such deposits solely in such depository or depositories, in the name of the County. Withdrawals from such depository shall be only drawn by the Treasurer upon properly authorized checks or by other commercially accepted methods for County fund transfers.
A. 
The Treasurer shall have the power, subject to § 5-813.05B and the hereinafter stated conditions and limitations, to invest and reinvest the monies of the General Fund and special funds in accordance with the prudent investment rule consistent with sound business practice, subject, however, to the exercise of that degree of judgment, skill and care under the circumstances then prevailing which persons of prudence, discretion, and intelligence, who are familiar with such matters, exercise in the management of their own affairs not in regard to speculation, but in regard to the permanent disposition of the funds, considering the probable income to be derived therefrom as well the probable safety of their capital.
B. 
A Board of Investment is hereby created. Said Board shall be composed of three members, to-wit: the Treasurer who shall act as Chairman of the Board; the County Executive; and the Controller. The Board shall provide for an investment program, including temporary investments in accordance with the prudent investment rule. The Treasurer shall make investments in conformity with the Board's investment program. Within 30 days of the enactment of the investment program, the Board shall provide County Council with a copy of said program.
C. 
The investment program shall authorize the types of investments that shall be used for County funds and the limitations on the use of each type of investment.
D. 
In making investments of County funds, the Treasurer shall have authority:
(1) 
To combine monies from more than one fund under County control for the purchase of a single investment, provided that each of the Funds combined for the purpose shall be accounted for separately in all respects and that the earnings from the investment are separately and individually computed and recorded, and credited to the accounts from which the investment was purchased.
(2) 
To join with one or more other political subdivisions in accordance with the Act of July 12, 1972 (P.L. 762, No. 180),[1] entitled "An Act Relating to Intergovernmental Cooperation," in the purchase of a single investment, provided that the requirements of § 5-813.05D(1) on separate accounting of individual funds and separate computation, recording and crediting of the earnings therefrom are adhered to.
[1]
Editor's Note: See now 53 Pa.C.S.A. § 2301 et seq.
E. 
All income earned on any of the aforesaid investments shall inure to the benefit of the County and shall be placed in the General Fund.
F. 
All accounts now existing or established in the future for the receipt of funds from a third party by an independently elected official shall be invested in accordance with the investment policies adopted by the Board of Investment.