COUNCIL OF THE CITY OF PHILADELPHIA PUBLIC HEARING AND PUBLIC MEETING BEFORE THE COUNCIL COMMITTEE ON FINANCE - - - Room 400, City Hall Philadelphia, Pennsylvania Thursday, October 28, 1999 1:30 p.m. - - - BILL NO. 990334 - Held at the request of the sponsor. BILL NO. 990570 - An ordinance amending Section 14 19-201 of The Philadelphia Code entitled "City Depositories," by authorizing the City Treasurer to deposit funds in the Asian Bank, under certain terms and conditions. PRESENT: COUNCILWOMAN JANNIE BLACKWELL, Chair COUNCILWOMAN MARIAN B. TASCO COUNCILMAN JAMES F. KENNEY COUNCILMAN MICHAEL A. NUTTER - - - VINCENT VARALLO ASSOCIATES, INC. Registered Professional Reporters Eleven Penn Center, Suite 600 Philadelphia, PA 19103 (215) 561-2220 2 /99 FINANCE COMM. I N D E X Bill 990570 Whitney Reid, City Treasurer. . . . . . . . . 4 Joseph Feraldo, Acting Deputy Treasurer. . . 4 3 10/28/99 FINANCE COMM. - BILL 990334 P R O C E E D I N G S
To all members of the Finance Committee who are in their offices, please come down. We promise you five minutes if you come and give us a quorum. Thank you. - - -
Good afternoon. The Finance Committee's public hearing will begin. We are here to hear Bill No.'s 990334 and 990570. The clerk will read the title of Bill 14 No. 990334.
Bill No. 990334, an ordinance amending Chapter 19-1300 of The Philadelphia Code entitled "Real-Estate Tax" by changing the exemption for improvements to deteriorated industrial and commercial and other businesses properties.
Thank you. This bill will be held at the request of the sponsor. Thank you. The next bill is Bill No. 990570.
Bill No. 990570, an 4 10/28/99 FINANCE COMM. - BILL 990334 ordinance amending Section 19-201 of The Philadelphia Code entitled "City Depositories," by authorizing the City Treasurer to deposit funds in the Asian Bank, under certain terms and conditions.
Thank you. We would now like to introduce those -- have them identify themselves for the record, those who wish to testify and begin.
My name is Whitney Reid, City Treasurer. And I'd like to introduce with me Joe Feraldo, who is the Acting Deputy Treasurer, who has taken over for Doug Smith, who retired this past summer. And with that I will introduce Joe Feraldo.
Good afternoon, Councilmembers. I am Joe Feraldo, Deputy City Treasurer. I am here today to testify in support of Bill No. 990507, which amends Section 19-201 of The Philadelphia Code relating to authorized City Depositories -- specifically, to update the list of financial institutions that the City is 5 10/28/99 FINANCE COMM. - BILL 990570 authorized to deposit funds. To this end, I have reviewed financial information provided by the Asian Bank and have determined that they meet the basic requirements, as described in Section 19-201, Subsection 3, as amended. This concludes my written testimony. I am available to answer any questions you may have at this time. Thank you.
Thank you very much. For the record, I will announce that to my left is Vice Chair Councilwoman Marian Tasco. To my right is Councilman James Kenney, and to his right, Councilman Michael Nutter. All right. Do we have anyone else here to testify? (No response.)
Are there any questions from members of the committee? (No questions.)
All right. Then this will conclude our public hearing. - - - 6 10/28/99 FINANCE COMM. - Pub. Meeting
We will now enter our meeting. May I have a motion?
I move that Bill 5 No. 990570 be reported out of this committee with a favorable recommendation.
It has been moved and properly seconded that Bill No. 909507 be reported out of committee with a favorable recommendation. All in favor, say aye? Those opposed? All right. So has it. Let me thank everyone for attending, and our committee hearing is adjourned. Thank you. (Adjourned at 1:35 p.m.) - - - 7 C E R T I F I C A T E I HEREBY CERTIFY that the foregoing proceedings of the Council of the City of Philadelphia of Thursday, October 28, 1999, were reported fully and accurately by me, and that this is a correct transcript of same. RE: COUNCIL COMMITTEE ON FINANCE BILL NO.'S 990570 __________________________________, JOSEPHINE CARDILLO, Registered Professional Reporter