The caps are just my channeling of the anger the local councilperson seems to be exhibiting if this has been raised to an actual news story.
I really hate to say that this may rank as the non-story of the day. I presume that any cash on hand in McKeesport is really a short term holding based on the timing of revenue and expenditure, not some long term investment they are investing with a multi-year horizon. Anyone can look at the short term interest rates these days. The one month t-bill is actually showing up as ZERO percent.
The 3 month interest rate is .01.. Not as in 1% but 0.01%, and for those who don't realize it those are annual rates. So for the $14 mil in question, a 3 month CD of some sort would earn $1,400 annually. Over 3 months we are talking $467. Now let's talk about fees associated with all of this or maybe just the opportunity cost of the time spent debating this on their council.