County Treasurer Weinstein Makes Investment History
Pittsburgh, PA- November 15, 2000 - History was made today when Allegheny County Treasurer John K. Weinstein initiated the BidAllegheny Certificate of Deposit Investment Program by offering an on line auction for fifteen million dollars. "Allegheny County is the first county to utilize the Internet for the investment of public funds," stated Treasurer Weinstein.
The Treasurer's Office will auction up to twenty million dollars of six-month Certificates of Deposit on the third Wednesday of every month. Only eligible financial institutions may participate. "My office undertook a vigorous analysis of the banks that applied for admission to the program. To safeguard the public funds, only those institutions which met the highest standards were qualified for BidAllegheny," stated Weinstein.
The starting point for bidding was determined by the U. S. Treasury Bill rate of 6.36 percent yesterday. The starting bid can be no lower than the floor rate established by the Treasurer. "Based on market averages, my office produced an additional $30,965.28 in investment returns today." Mr.Weinstein reiterated his pledge that as Treasurer, "I will continually look for innovative ways to operate my office and serve the taxpayers of Allegheny County." He continued by saying that "this is just a first step in a program designed to create efficiencies in investments and to transform the Treasurers’ Office into the Official Bank of Allegheny County."
Twelve banks participated in the inaugural auction and six eventually were awarded a portion of the fifteen million. There were a total of nineteen bids received during the auction. "I anticipate more participation as BidAllegheny becomes better publicized," Treasurer Weinstein concluded.
Treasurer Weinstein added, "By embracing state of the art technology in a creative way, my office has generated a higher return on county taxpayer funds while dispersing those funds throughout the banks of our region."
Any questions please call County Treasurer John Weinstein at (412) 350-5901.
Go to: BidAllegheny Home Page
Please direct questions and comments regarding bidding procedures to the Auction Administrator or call (412) 391-7686.