Summary
PICA adopted Resolution No. 2023-12, authorizing a new Intergovernmental Cooperation Agreement (ICA) between the Authority and the City of Philadelphia. The previous agreement, established in 1992, expired upon the full repayment of all PICA bonds. The new ICA ensures that PICA continues its financial oversight responsibilities, as required under the Pennsylvania Intergovernmental Cooperation Authority Act. This updated agreement reflects changes in the financial landscape while maintaining the principles of fiscal responsibility and transparency. The Chairperson or Vice Chairperson is authorized to execute the agreement with the advice of legal counsel. The resolution takes effect immediately, ensuring uninterrupted collaboration between PICA and the City.