The LuLac Edition #3314, October 04, 2016
Up until 1976 there was no Vice Presidential debate. Tonight two people who have been defending their bosses, their party’s nominees square off. Senator Tim Keane of Virginia and Governor Mike Pence of Indiana will take center stage. Both are incumbent office holders who have actually governed in the last four years.
If both don’t get derailed by trying to defend each others nominees from attacks, this just might be the most substantial debate of this election cycle.
Keane and Pence tonight @ 8.
"A major responsibility of the State Treasurer is to invest our money. Act 10 of 2016, passed earlier this year, expands the allowable investments available to Local Governments (municipal authorities and schools) to include Commercial Paper and Negotiable Certificates of Deposit (NCD), in addition to the traditional U.S. Government securities, U.S. Agency securities, FDIC Insured Bank Deposits, and Collateralized Bank Deposits.
Recently, the PA Treasury announced that it would begin managing all INVEST portfolios in accordance to Act 10. Per PA INVEST website: "INVEST is a family of highly rated investment pools designed specifically for local government and nonprofit groups."
However, as a member and the Treasurer for the Pennsylvania School Board Association (PSBA)--a non-profit state-wide association of public school boards--we have been advised by three (3) independent solicitors that investment methods such as Negotiable Certificates of Deposit (NCD) are not in compliance with Section 621, 622 and 623 of the Pennsylvania Public School Code (collateral requirements for district funds), and thus constitute "an impermissible investment in violation of the School Code, notwithstanding Act 10." (PSBA Legal Alert Issued on June 10th, 2016)
The State Treasurer is neglecting standing law and putting our school districts in, yet again, a difficult position with this recent announcement.
It is no secret that our state's pension crisis, which is felt hardest by our schools, is crippling the state's finances. As a Board Member of PSBA and Vice-Chair of the Pennsylvania School District Liquid Asset Fund (PSDLAF), I work tirelessly to help guide our schools through these challenges. The state, needs to take its responsibility and lead on these matters.
Pennsylvania needs to address its pension crisis, invest wisely, and implement commonsense fiscal guidelines. We cannot ask our school districts to continue to clean up the mess that Harrisburg is creating."