COUNCIL OF THE CITY OF PHILADELPHIA PUBLIC HEARING COMMITTEE ON FINANCE - - - - Room 696, City Hall Philadelphia, Pennsylvania Wednesday, September 17, 2003 2:25 p.m. - - - - BILL 030487 - An Ordinance amending Chapter 19-200 of The Philadelphia Code, entitled "City Funds - Deposits, Investments, Disbursements," by amending Section 19-201, entitled "City Depositories," by authorizing the City Treasurer to deposit funds in Fleet Bank, under certain terms and conditions. PRESENT: COUNCILWOMAN JANNIE BLACKWELL, Chair COUNCILWOMAN MARIAN TASCO, Vice Chair COUNCILMAN DARRELL CLARKE COUNCILMAN W. WILSON GOODE - - - - V A R A L L O Incorporated Litigation Support Services Eleven Penn Center 1835 Market Street, Suite 600 Philadelphia, Pennsylvania 19103 215.561.2220 215.567.2670 I N D E X BILL 030487 PAGE COREY KEMP, City Treasurer .................. 3 09/17/03 - FINANCE - BILL 030487
Good afternoon. We thank you all for coming and for your patience. We will convene the Finance hearing regarding Bill 5 No. 030487. This bill is cosponsored by Councilman Goode and myself. In attendance at the Finance hearing is obviously myself, Vice Chair of the Committee Councilwoman Marian Tasco, Councilman Goode, and Councilman Darrell Clarke. We thank them for being here. And those not formally on the Committee have been so appointed by the President of Council. We will now ask the Clerk to read the title of the bill.
Bill No. 030487, an Ordinance amending Chapter 19-200 of The Philadelphia Code, entitled "City Funds - Deposits, Investments, Disbursements," by amending Section 19 19-201, entitled "City Depositories," by authorizing the City Treasurer to deposit funds in Fleet Bank, under certain terms and conditions.
Thank you very much. We will now call on -- unless our sponsor has an opening statement.
We will call on our Treasurer, Corey Kemp, for testimony.
Good afternoon, Chairwoman Blackwell and Members of the Finance Committee. I am Corey Kemp, City Treasurer. With me Joe Faraldo, Deputy City Treasurer. We are here in support of Bill NO. 030487 which would amend Section 19-201 of the Philadelphia Code, entitled "City Depositories," by authorizing the City Treasurer to deposit funds in Fleet Bank. Fleet Bank has met the requirements specified in Ordinance No. 030022, which requires City Depositories to provide to the City Treasurer the annual statement of community reinvestment goals, including the small number of small business loans, home mortgages, home improvement loans, and community development investments. Fleet also met the financial criteria required by the Philadelphia Code which requires depositories to have at least $100 million in assets, has been in business for the last five years, has been profitable for the last two years, and are federally insured. Thank you for the opportunity to appear 5 09/17/03 - FINANCE - BILL 030487 before this Committee today. We will be happy to answer any questions the Committee may have at this time.
Thank you. Do you know how many branches they have now?
Actually, Mr. Faraldo is on the phone with them to find that information out in terms of branches in Philadelphia and how long they've been in existence in Philadelphia.
Thank you. Any other questions from Members of the Committee?
Could we have an idea where the banks are in the various neighborhoods?
Thank you. Are there any other questions? So we heard the Treasurer say they've 6 09/17/03 - FINANCE - BILL 030487 been in existence five years and successful two years.
And you will get the locations for us so that we can forward them to our colleagues about where they are in their neighborhoods.
Thank you very much. Any other questions from Members of the Committee? (No response.)
Seeing none, we will end the hearing part of this meeting and enter into the stated meeting. - - - - 7 COUNCIL OF THE CITY OF PHILADELPHIA PUBLIC MEETING COMMITTEE ON FINANCE - - - - Wednesday, September 17, 2003 - - - - Public meeting conducted by the Committee on Finance, held in Room 696, City Hall, Philadelphia, Pennsylvania, on the above date, to consider action on the following: BILL 030487. PRESENT: COUNCILWOMAN JANNIE BLACKWELL, Chair COUNCILWOMAN MARIAN TASCO, Vice Chair COUNCILMAN DARRELL CLARKE COUNCILMAN W. WILSON GOODE 8 09/17/03 - FINANCE - PUBLIC MEETING
The Chair will now ask Councilwoman Tasco if she would entertain a motion?
Madam President, I move that Bill No. 030487 be reported out of Committee with a favorable recommendation. (Duly seconded.)
It has been moved and seconded that Bill No. 030487 be reported out of Committee with a favorable recommendation. All in favor? (Aye.)
The ayes have. And so Bill 030487 is reported out of Committee with a favorable recommendation. We thank you all for attending. This will conclude our finance hearing. Thank you, everybody. (Council adjourned at 2:31 p.m.) - - - - 9 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 September 17, 2003, were reported fully and accurately by me, and that this is a correct transcript of the same. RE: COMMITTEE ON FINANCE _________________________ Lisa C. Bradley, RPR