Pittsburgh City Council this afternoon overrode Mayor Luke Ravenstahl's veto of a pension bailout, making the plan a law well before a midnight deadline for averting state takeover of the pension fund.

Earlier in the day, council gave preliminary and final approval to a bailout plan that dedicates to the fund about $735.7 million in parking tax revenue over 31 years. Council also approved the transfer of $45 million in debt service reserve funds to the bailout package.

The legislation was delivered to a mayoral aide at 2:45 p.m. Council received the veto about 3:30 p.m. and overrode it at 3:55 p.m.

The pension fund was 29.3 percent funded at the end of the third quarter.

If it isn't at least 50 percent funded by midnight, the state will take it over, leading to higher required pension payments and other challenges down the road.

Officials believe the net present value of the 31 years of revenue will be about $253.7 million. They believe that figure, combined with the $45 million in cash, will boost the fund above the 50 percent level. However, the state has to make a final determination, and that may not occur until fall.

Mr. Ravenstahl disliked the plan. But he said he would veto it immediately -- instead of waiting out his 10-day review period -- so council could override the veto by the midnight deadline for averting a takeover.