County Treasurer Weinstein Makes Investment History

Pittsburgh, PA - September 22, 2000 - The Allegheny County Treasurer's Office will make investment history by becoming the very first county in the United States to capture one of the newest innovations available in an on-line Internet bidding program using state-of-the-art technology. County Treasurer John K. Weinstein will make up to $20 million dollars of funds available on a monthly basis for this new program. The funds will be used for the purchase of certificates of deposit through an on-line auction process. Eligible banks, approved to do business with Allegheny County, will have the opportunity to competitively bid on these funds via the Internet. Treasurer Weinstein has labeled the new investment program BIDALLEGHENY.COM.

"The primary advantage of this creative investment undertaking is that direct competition is available where there was none before," said Treasurer Weinstein. "The positive decision to move forward with an on-line investment auction will utilize the technology available and help us get the best return on the dollar for the taxpayers of Allegheny County. Our new process will be paperless, less cumbersome and, therefore, reduce costs. More area banks will be able to participate, public dollars will be spread throughout the region and the competition should result in a higher competitive yield on the funds invested while maintaining a high level of security for taxpayer dollars," Weinstein stated.

BIDALLEGHENY.COM is a "win-win" program for all participants. The participating banks are competing on "a level playing field" and the taxpayers receive the best available rate of return on the County investment.

Treasurer Weinstein stated that he expects the increased efficiency will have a positive economic impact in Allegheny County. In addition, there are many benefits created by providing investment opportunities to all local banks in the community, as well as, igniting economic development for the region. On August 23, 2000, the Investment Board of Allegheny County (which is comprised of Treasurer John Weinstein, Controller Dan Onorato and Executive Jim Roddey) unanimously approved this program for implementation under the jurisdiction and supervision of the County Treasurer.

Allegheny County's first BIDALLEGHENY.COM on-line investment program is tentatively scheduled to take place in November 2000.

Any questions please call County Treasurer John Weinstein at (412) 350-5901