COUNCIL OF THE CITY OF PHILADELPHIA COMMITTEE ON FINANCE PUBLIC HEARING - - - Tuesday, March 7, 2000 City Hall, Room 400 9:45 a.m. - - - BILL NO. 000020 - Ordinance amending Section 19-201 by authorizing City Treasurer to deposit funds in Pennsylvania Business Bank. BILL NO. 000106 - Ordinance amending Section 19-201 by clarifying and updating the list of institutions in which the City is authorized to deposit funds. - - - PRESENT: Councilwoman Jannie L. Blackwell, Chair Councilwoman Marian B. Tasco, Vice-Chair Councilman Frank DiCicco Councilman James F. Kenney Councilman Michael A. Nutter - - - VINCENT VARALLO ASSOCIATES, INC. Registered Professional Reporters Suite 600, Eleven Penn Center 1835 Market Street Philadelphia, PA 19103 (215) 561-2220 2 I N D E X BILL 000020 Joseph Faraldo, Acting City Treasurer---------- BILL 000106 Joseph Faraldo, Acting City Treasurer---------- 6 - - - Public Meeting--------------------------------- 8 - - - 3
Good morning. We are sorry for the delay. Thank you very much. We will now call to order the Finance Committee. We are sorry for the delay. The clerk will now read the title of the two bills that we will consider this morning.
Bill No. 000020, an Ordinance amending Section 19-201 of the Philadelphia Code, entitled "City Depositories," by authorizing the City Treasurer to deposit funds in Pennsylvania Business Bank, under certain terms and conditions. Bill No. 000106, an Ordinance 16 amending Section 19-201 of the Philadelphia Code, relating to "City Depositories" by clarifying and updating the list of institutions in which the City is authorized to deposit funds, and by amending certain conditions.
Thank you very much. For the record, we note that we have a quorum. To my left is Vice-Chair Marian Tasco, to her left, Councilman Michael Nutter, to my right 4 BILL NO. 000020 Councilman Frank DiCicco. And with that, we will bring forward Joseph Faraldo, Acting City Treasurer. Good morning. JOSEPH FARALDO: Good morning, Councilwoman Blackwell. Good morning, members of the Finance Committee. I am Joseph Faraldo, Acting City Treasurer. And I am here today to testify in regard to Bill No. 000020, that amends Section 12 19-201 of the Philadelphia Code relating to authorized City Depositories. Specifically it will update the list of financial institutions that the city is authorized to deposit funds. There are no objections to adding the Pennsylvania Business Bank to the list of authorized City Depositories, as they meet the requirements described in Section 19-201, Paragraph 3, as amended. With my written testimony, I am including an amended version of the bill, which contains only technical changes for your consideration. If you would like, at this time I 5 BILL NO. 000020 could read the proposed changes into the record. CHAIRWOMAN BLACKWELL: Please.
On the amended copy of the bill, which we distributed before the hearing today, the technical change I made reference to is to delete letter Z and add the letter DD in front of Summit Bank. CHAIRWOMAN BLACKWELL: Thank you very much. Are there any questions from members of the Committee on this amendment? It is just a technical amendment?
Yes. CHAIRWOMAN BLACKWELL: Thank you very much. To my left is Councilman James Kenney, who was here earlier and is back to join us for this committee hearing. If there are no questions from members of the committee, then we will go to the next bill. JOSEPH FARALDO: Once again, I am Joseph Faraldo, Acting City Treasurer. And I am here today to testify in regard to Bill No. 000106, 6 BILL NO. 000106 that amends Section 19-201 of the Philadelphia Code, relating to authorized City Depositories. Specifically, it will update the list of financial institutions that the City is authorized to deposit funds. There are no objections to adding the Philadelphia Trust Company to the list of authorized City Depositories, as they meet the requirements described in Section 19-201, Paragraph 3, as amended. With my written testimony, I am including an amended version of the bill, which contains only technical changes for your consideration. If you would like, at this time I could read the technical changes into the record. CHAIRWOMAN BLACKWELL: Please.
The technical changes are to delete Section 1, and replace it with the Section 1 that we handed out before the testimony today. Basically, the only difference between this version and the version submitted was to assign the letter AA to the Philadelphia Trust 7 BILL NO. 000106 Company, instead of the letter Z, and in Paragraph 3 to strike the letter Z and assign the letter AA.
Thank you very much. Are there any questions from members of the committee? All right. If there are none, then we will end this committee hearing, and go into a committee meeting. (Public Hearing concluded at 9:55 a.m.) - - - 8 COUNCIL OF THE CITY OF PHILADELPHIA COMMITTEE ON FINANCE PUBLIC MEETING - - - Tuesday, March 7, 2000 City Hall, Room 400 9:55 a.m. - - - BILL NO. 000020, BILL NO. 000106 - - - PRESENT: Councilwoman Jannie L. Blackwell, Chair Councilwoman Marian B. Tasco, Vice-Chair Councilman Frank DiCicco Councilman James F. Kenney Councilman Michael A. Nutter - - - 9 PUBLIC MEETING CHAIRWOMAN BLACKWELL: Now I would like to ask for a motion to approve the amendment for Bill No. 000020.
Madam Chair. CHAIRWOMAN BLACKWELL: Do you need a suspension of the Rules?
Madam Chair, I move that Bill No. 000020 be reported out of committee with a favorable recommendation, and that we adopt the amendment to Bill No. 000020. (Duly seconded.) CHAIRWOMAN BLACKWELL: Thank you. It has been moved and properly seconded. And I will entertain a motion to approve the bill as amended, 000020. I will entertain a motion. We had the motion that the amendment to Bill No. 000020 be approved. That's been properly moved and seconded. All members? Any opposed? So the amended version to Bill No. 25 000020 has been approved. 10 PUBLIC MEETING I will now entertain a motion to approve Bill 000020 as amended.
I move that Bill 5 No. 20 be approved as amended. (Duly seconded.) CHAIRWOMAN BLACKWELL: We have just received a Request for Suspension of the Rules.
I also move that the Rules of Council be suspended so as to permit first reading at the next Council session. (Duly seconded.) CHAIRWOMAN BLACKWELL: Thank you. It has been moved and properly seconded that we suspend the Rules to permit consideration of Bill No. 000020, as amended, so that it will be considered at our next session of Council. All in favor? Those opposed? The ayes have it, and so it is done. I will now entertain a motion that Bill 000106, the amendment to that, be approved.
I move that the amendment to Bill No. 000106 be approved. 11 PUBLIC MEETING (Duly seconded.) CHAIRWOMAN BLACKWELL: It has been moved and properly seconded that the amendment to Bill 106 be approved. I will now entertain a motion that the bill as amended be approved.
So moved. (Duly seconded.) CHAIRWOMAN BLACKWELL: It has been moved and properly seconded. Do we need a suspension of the Rules? All right. It has been moved and properly seconded that Bill No. 000106 be approved as amended. All in favor? Opposed? All right. I think that will end our hearing, our Finance hearing, this morning. I thank members of the committee. Thank you, Mr. Faraldo, and thank all who were here. (Public Meeting concluded at 10:00 a.m.) 12 C E R T I F I C A T I O N I HEREBY CERTIFY that the foregoing proceedings of the Council of the City of Philadelphia of Tuesday, March 7, 2000, were reported fully and accurately by me, and that this is a correct transcript of same. RE: COMMITTEE ON FINANCE _____________________________________ DEBRA A. WHITEHEAD, RPR