After unanimously passing both the Pennsylvania House of Representatives and the State Senate, Governor Tom Wolf today signed House Bill 1935 into law, effectively renewing authorization of the Pennsylvania Intergovernmental Cooperation Authority (PICA) Act. With PICA set to expire in June of 2023, enactment of this law now extends PICA until January 2047, or until all outstanding debts/and or liabilities of PICA have been fully discharged. PICA was created in 1991 as the fiscal oversight agency for the City of Philadelphia (City), to borrow funds on behalf of the City as well oversee its finances and requiring the City to submit annual five year financial plans which must be approved by the PICA Board.

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