Resolution 120808

..Title Authorizing The Establishment Of A Fund For Philadelphia City Council As A Nonprofit Corporation Under The Laws Of The Commonwealth Of Pennsylvania And That It Seek Tax-Exempt Status Under Section 501(c)(3) Of The United States Internal Revenue Code. ..Body WHEREAS, The Fund for Philadelphia, Inc., was established by Mayor Wilson Goode in 1984 with fund-raising support and accounts management to facilitate private support of priority City of Philadelphia programs and initiatives so as not to use taxpayer dollars; and WHEREAS, In the past, Philadelphia City Council has been able to use the Fund for Philadelphia, Inc., for exempt purposes under Section 501(c)(3) of The United States Internal Revenue Code; and WHEREAS, Access to the Fund for Philadelphia, Inc., has been made more restrictive to Council Members by limiting "new accounts to those that are managed by City departments or to City Council projects that have an Administration sponsor"; and WHEREAS, Philadelphia City Council is an independent branch of government and chooses not to be dependent upon the Administration for raising private funds to support City Council activities that qualify as exempt purposes under Section 501(c)(3) of The United States Internal Revenue Code; now therefore RESOLVED, BY THE COUNCIL OF THE CITY OF PHILADELPHIA, That it hereby authorizes the establishment of the "Trust for Philadelphia's Future" as a nonprofit corporation under the laws of The Commonwealth Of Pennsylvania and that it seek tax-exempt status under Section 501(c)(3) of The United States Internal Revenue Code. ..End