Bill 110371
Amending Title 19 of The Philadelphia Code, entitled "Finance, Taxes, and Collections," by authorizing City depositories to hold City funds without posting equivalent collateral, to the extent such City funds do not exceed the insurance provided by the Federal Deposit Insurance Corporation or Federal Savings and Loan Insurance Corporation.
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.
“110348, entitled "An ordinance approving the thirty-ninth amendment of the redevelopment proposal for the Model Cities Urban Renewal Area, being the area beginning at the northwest corner of Front Street and Spring Garden Street, which provides, inter alia, for the additional land acquisition of approximately fifty five properties for residential, institutional and related uses"; and Bill No. 110377, entitled "An ord…”
Chief Clerk · Stated Meeting, June 16, 2011 · Jun 16, 2011 · official transcript, this passage
“The Committee on Finance, to which was referred Bill No. 110229, entitled "An ordinance amending Section 1108 of Chapter 21-1100 of The financing mixed-use projects on or around commercial corridors"; and Bill No. 110297, entitled "An ordinance authorizing the City Treasurer, on behalf of the City, to enter into an agreement with Wells Fargo Bank for provision of payroll banking services to the City"; and Bill No. 11…”
Chief Clerk · Stated Meeting, June 9, 2011 · Jun 9, 2011 · official transcript, this passage
Status timeline
- May 12, 2011Introduced and Referred · CITY COUNCIL
- Jun 6, 2011HEARING NOTICES SENT · Committee on Finance
- Jun 6, 2011HEARING HELD · Committee on Finance
- Jun 6, 2011REPORTED FAVORABLY, RULE SUSPENSION REQUESTED · Committee on Finance
- Jun 9, 2011ORDERED PLACED ON THIS DAY`S FIRST READING CALENDAR · CITY COUNCIL
- Jun 9, 2011SUSPEND THE RULES OF THE COUNCIL · CITY COUNCIL
- Jun 9, 2011ORDERED PLACED ON NEXT WEEK`S SECOND READING CALENDAR · CITY COUNCIL
- Jun 16, 2011READ AND PASSED · CITY COUNCIL
- Jul 5, 2011SIGNED · MAYOR
Official documents
Documents open on the City of Philadelphia’s legislative site.
Full text
Read the full text as published
..Title Amending Title 19 of The Philadelphia Code, entitled "Finance, Taxes, and Collections," by authorizing City depositories to hold City funds without posting equivalent collateral, to the extent such City funds do not exceed the insurance provided by the Federal Deposit Insurance Corporation or Federal Savings and Loan Insurance Corporation. ..Body THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS: SECTION 1. Section 19-201 of The Philadelphia Code is hereby amended to read as follows: § 19-201. City Depositories. * * * (4) Security for Deposits. (a) Banks or institutions designated by the Council as depositories of City funds shall deposit with the Philadelphia Federal Reserve Bank, or another commercial bank, bonds or notes of the United States government, or United States Treasury obligations, or United States Agency obligations, or bonds of the Commonwealth of Pennsylvania or its instrumentalities, authorities, counties, cities, boroughs, incorporated towns, townships or school districts, or notes issued by the City of Philadelphia, or general obligation bonds of other States rated A or better by Moody's Investors Service or Standard and Poor's Corporation, equal to the deposits to be secured. The market value of the securities so pledged shall equal the deposit. The market value is to be determined by such bank or institution holding City deposits as of the close of business on the last day of the previous month or as of the opening of business on the first day of the present month. The determination of market value by the bank or institution holding the City deposits is to be signed by the bank auditor and is subject to approval by the City Treasurer. To the extent that the amount of City deposits or accounts held by a City depository are fully insured by the Federal Deposit Insurance Corporation or the Federal Savings and Loan Insurance Corporation, they need not be secured as otherwise required in this subsection 19-201(4)(a). SECTION 2. This Ordinance shall take effect immediately. ______________________ Explanation: Italics indicate new matter added. ..End