civus
BillENACTED

Bill 060469

Amending Chapter 19-200 of The Philadelphia Code, entitled "City Funds - Deposits, Investments, Disbursements" by amending certain requirements of City depositories; all under certain terms and conditions.

Introduced May 25, 2006Committee on FinanceOfficial record: City of Philadelphia via Legistar

Introduced by

Councilmember GoodeCouncilmember BlackwellCouncilmember Reynolds BrownCouncilmember Ramos

From the floor

Passages in the official transcripts that cite this file number. Every quote links to its exact place in the record.

  1. “Aye. 6/15/06 - STATED - 2ND READING The ayes are 15; the nays are zero. A majority of all members having voted in the affirmative, the bill passes. We will now consider Bill No. 060469.”

    Council President Verna · Stated Meeting, June 15, 2006 · Jun 15, 2006 · official transcript, this passage

  2. “To the President and members of the Council of the City of Philadelphia, the Committee on Finance, to which was referred Bill No. 051142, entitled "An ordinance authorizing the Philadelphia Authority for Industrial Development to file an application with Budget in an amount not to exceed $3,600,000 to assist in the development of Billy Penn Warehouse"; and Bill No. 060227, entitled "An ordinance amending Section 19-2…”

    Chief Clerk · Stated Meeting, June 8, 2006 · Jun 8, 2006 · official transcript, this passage

  3. “And Bill No. 060469, an ordinance amending Chapter 19-200 of The Philadelphia Code, entitled "City Funds," by amending certain requirements of City depositories.”

    Chief Clerk · Stated Meeting, June 8, 2006 · Jun 8, 2006 · official transcript, this passage

Status timeline

  1. May 25, 2006Referred · CITY COUNCIL
  2. May 25, 2006Introduced · CITY COUNCIL
  3. Jun 5, 2006HEARING NOTICES SENT · Committee on Finance
  4. Jun 5, 2006RECESSED · Committee on Finance
  5. Jun 6, 2006HEARING HELD · Committee on Finance
  6. Jun 6, 2006REPORTED FAVORABLY, RULE SUSPENSION REQUESTED · Committee on Finance
  7. Jun 8, 2006ORDERED PLACED ON THIS DAY`S FIRST READING CALENDAR · CITY COUNCIL
  8. Jun 8, 2006SUSPEND THE RULES OF THE COUNCIL · CITY COUNCIL
  9. Jun 8, 2006ORDERED PLACED ON NEXT WEEK`S SECOND READING CALENDAR · CITY COUNCIL
  10. Jun 15, 2006READ · CITY COUNCIL
  11. Jun 15, 2006PASSED · CITY COUNCIL
  12. Jun 28, 2006SIGNED · MAYOR

Official documents

Documents open on the City of Philadelphia’s legislative site.

Full text

Read the full text as published

..Title Amending Chapter 19-200 of The Philadelphia Code, entitled "City Funds - Deposits, Investments, Disbursements" by amending certain requirements of City depositories; all under certain terms and conditions. ..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: [Brackets] indicate matter deleted. Italics indicate new matter added. ..End