Bill 060015
Amending Chapter 19-200 of The Philadelphia Code, entitled "City Funds - Deposits, Investments, Disbursements", by clarifying the requirements for city depositories.
Introduced by
From the floor
Passages in the official transcripts that cite this file number. Every quote links to its exact place in the record.
“We will now consider Bill No. 060015.”
Council President Verna · Stated Meeting, March 2, 2006 · Mar 2, 2006 · official transcript, this passage
“The Committee on Finance, to which was referred Bill No. 050371, entitled "An ordinance amending Section 19-203 of The Philadelphia Code, entitled 'Payroll Deductions,' by adding a new subsection permitting payroll deductions for contributions to FIREPAC"; and Bill No. 060015, entitled "An ordinance amending Chapter 19-200 of The Philadelphia Code, entitled 'City Funds Deposits, Investments, Disbursements,' by clarif…”
The Clerk · Stated Meeting, February 23, 2006 · Feb 23, 2006 · official transcript, this passage
“And Bill No. 060015, entitled "An ordinance amending Chapter 19-200 of The Philadelphia Code, entitled 'City Funds - Deposits, Investments, Disbursements,' by clarifying the requirements for City 2/23/06 - STATED - 1ST READING depositories."”
The Clerk · Stated Meeting, February 23, 2006 · Feb 23, 2006 · official transcript, this passage
Status timeline
- Jan 24, 2006Referred · CITY COUNCIL
- Jan 24, 2006Introduced · CITY COUNCIL
- Feb 16, 2006HEARING NOTICES SENT · Committee on Finance
- Feb 16, 2006HEARING HELD · Committee on Finance
- Feb 16, 2006REPORTED FAVORABLY, RULE SUSPENSION REQUESTED · Committee on Finance
- Feb 23, 2006ORDERED PLACED ON THIS DAY`S FIRST READING CALENDAR · CITY COUNCIL
- Feb 23, 2006SUSPEND THE RULES OF THE COUNCIL · CITY COUNCIL
- Feb 23, 2006ORDERED PLACED ON NEXT WEEK`S SECOND READING CALENDAR · CITY COUNCIL
- Mar 2, 2006READ · CITY COUNCIL
- Mar 2, 2006PASSED · CITY COUNCIL
- Mar 16, 2006SIGNED · MAYOR
Official documents
Documents open on the City of Philadelphia’s legislative site.
Full text
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..Title Amending Chapter 19-200 of The Philadelphia Code, entitled "City Funds - Deposits, Investments, Disbursements", by clarifying the requirements for city depositories. ..Body THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS: SECTION 1. Chapter 19-200 of The Philadelphia Code is hereby amended to read as follows: CHAPTER 19-200. CITY FUNDS-DEPOSITS, INVESTMENTS, DISBURSEMENTS §19-201. City Depositories. * * * (2) Each depository shall: (f) provide the City with an annual statement of community reinvestment goals including the number of small business loans, home mortgages, home improvement loans, and community development investments to be made within low and moderate-income neighborhoods in the City of Philadelphia. Each depository shall also certify compliance with Section 17-104 of The Philadelphia Code and provide the City with a long term strategic plan to address disparities in its lending and investment activities. The strategic plan shall address how the depository will match or exceed peer lending performance in targeting capital access and credit needs disclosed in disparity studies commissioned by the City. On July 1 of each year, the City Treasurer shall certify to the President of City Council whether or not each bank and institution on the list of potential City depositories set forth in this section has complied with each requirement of this subsection in the preceding fiscal year and shall withdraw all City funds from any bank or institution that has not complied with each requirement. No funds shall thereafter be deposited in such bank or institution until the bank or institution comes into compliance with each requirement and the City Treasurer has so certified to the President of City Council. The City Treasurer shall provide the President of City Council notification of the withdrawal of, and redeposit of, any City funds pursuant to this subsection. * * * _____________________________________ Explanation: Italics indicate new matter added. ..End