COUNCIL OF THE CITY OF PHILADELPHIA PUBLIC HEARING BEFORE THE COUNCIL COMMITTEE ON FINANCE - - - Room 400, City Hall Philadelphia, Pennsylvania Thursday, April 23, 1998 1:32 a.m. - - - BILL NO. 970742 - 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. PRESENT: COUNCILWOMAN ANNA C. VERNA, Chair COUNCILMAN JAMES F. KENNEY COUNCILMAN MICHAEL A. NUTTER COUNCILMAN BRIAN O'NEILL - - - VINCENT VARALLO ASSOCIATES, INC. Registered Professional Reporters Eleven Penn Center, Suite 600 Philadelphia, PA 19103 (215) 561-2220 2 COUNCIL COMMITTEE ON FINANCE - BILL NO. 980742 I N D E X Thomas Queenan, Treasurer. . . . . . . . . City of Philadelphia Douglas Smith, Deputy Treasurer. . . . . . City of Philadelphia 3 COUNCIL COMMITTEE ON FINANCE - BILL NO. 980742 P R O C E E D I N G S
Good afternoon. This is the public hearing of the Council Finance Committee. I will ask the Clerk to please read Bill No. 970742.
Bill No. 970742 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. (Thomas Queenan comes forward.)
Good afternoon. Please identify yourself for the record and proceed with your testimony.
Yes, good afternoon. My name is Thomas Queenan, City Treasurer for Philadelphia. And I'm here to provide testimony in support of Bill No. 970742. I've also provided to the committee an amended copy of this ordinance, which is here for your consideration. When we first introduced this ordinance, in November of 1997, we had basically 4 COUNCIL COMMITTEE ON FINANCE - BILL NO. 980742 provided a list of all the banks that had name changes or banks that have merged, and we deleted those banks that are no longer in bills. We have also approved -- or City Council approved, on February 12th, the addition of Crusader Bank as an authorized depositor bank for the City of Philadelphia. So, in the amended documents I've provided to you, I have added Crusader Bank, which has been approved by City Council to this ordinance. The main purpose --
The main purpose of this ordinance is simply to clean up the current list of authorized depository banks for the City of Philadelphia, pursuant to The Philadelphia Code. And so what we've simply done is just cleaned that up list by, again, correcting the name of banks as they are officially represented today, and deleting those banks that are no longer in business, and just organizing the references accordingly. 5 COUNCIL COMMITTEE ON FINANCE - BILL NO. 980742
Thank you. I believe Councilman O'Neill has a question.
Mr. Queenan, could you tell us how many of these banks we deposit money in at the current time? And if you don't have it available, could we get it along with the numbers, in terms of the dollar amounts?
You know, it would be a photo, I guess, of a particular point in time.
I have my deputy here, also. We can perhaps give you an approximate number of banks right now.
My name is Douglas Smith, Deputy City Treasurer. And there are five on that list that we now use list.
Approximately five. 6 COUNCIL COMMITTEE ON FINANCE - BILL NO. 980742
Okay. Could you get us the list of those five and the amounts?
Are there any other questions from Members of the Committee? The Chair recognizes Councilman Nutter.
Just a technical question. On of the bill, there's a small letter i and then it continues onto with a small double i. Then the rest of the banks continue, picking up with a deleted William Penn Bank and then a new q, Chestnut Hill National Bank. Do any idea why the small i and the small double i are in between the p and the q?
Yes. My understanding is that the small letter i and the double i is referenced specifically to item p, which is other neighborhood-based credit unions, which is a 7 COUNCIL COMMITTEE ON FINANCE - BILL NO. 980742 category of financial institutions.
And then the q through v, are those banks? Is that what you're saying?
No, no, no. It's just pertaining to other neighborhood-based credit unions. The list, although there are 2 pages, is the same list of institutions. So , starting with item q --
-- referring to item w, it's the same as the list as the list on the left side.
All right. So you're reserving, just so I understand, you're reserving that p, other neighborhood-based credit institutions --
-- for such an institution that may come along, and it will go in that category because the small letter i and the small double i, those conditions are pertinent to the neighbor-based credit unions only.
That is correct. 8 COUNCIL COMMITTEE ON FINANCE - BILL NO. 980742
Thank you. Are there any other questions from Members of the Committee. (No further questions at this time.)
Do we have anyone else to testify on this bill? (No response.)
Hearing none, the Clerk will please read Bill No. 970822.
Bill No. 970822, an ordinance amending Section 19-201 of The Philadelphia Code entitled "City Depositories" by deleting Fidelity Bank as an authorized City depository.
Madame Chair, that bill is being held. There are some pending discussions going on, and I do not wish to have this bill go forward at this time. 9 COUNCIL COMMITTEE ON FINANCE - BILL NO. 980742
Okay, thank you. The Clerk will please read Bill No. 4 980042.
Bill No. 980042, an ordinance amending Chapter 19-1400 of The Philadelphia Code entitled "Realty Transfer Tax" by adding owner-occupied residential transactions to the list of excluded transactions by amending the definition of "real estate company," by amending the definition of "acquired real estate company," the transfer of which is subject to the tax and by limiting to individuals the exception for reclaiming purchase money deeds in lieu of foreclosure,, all under certain terms and conditions.
Madame Chair, with regard to this bill, after a riveting meeting with the Finance Director and the Revenue Commissioner and subsequent information, this bill also is being held pending further discussions with the City Administration and the Finance Director and the Revenue Commissioner. 10 COUNCIL COMMITTEE ON FINANCE - BILL NO. 980742
Thank you. Is there anyone else to testify on any of the bills? (No response.)
Seeing none, this concludes our public hearing. - - -
Now go into our public meeting. The Chair recognizes Councilman O'Neill regarding Bill No. 970742.
Excuse me. Where's the -- did you mention about the amendment in your testimony? I was distracted.
Well, I didn't read it into the record. Should I read it into the record now?
My name is Thomas Queenan, City Treasurer. The amendments for Bill 11 COUNCIL COMMITTEE ON FINANCE - BILL NO. 980742 No. 970742 are as follows. On page --
, I'd like to add item w, Crusader Bank, which would follow item v, Progress Bank. And on the same page, under Section 3, the third line down, where it has j-v, it should be changed to j-w. And that's the end of the amendments to this bill.
We will know go over to our public meeting. The Chair recognizes Councilman O'Neill.
Madame Chair, I move that number 970742 be amended as per the statement of Treasurer Queenan. (Duly seconded.)
It has been properly moved and seconded that Bill No. 970742 be reported out of committee with a favorable -- 12 COUNCIL COMMITTEE ON FINANCE - BILL NO. 980742
I'm sorry. Who's in a hurry? A motion has been made to approve the amendment. (Duly seconded.)
All in favor, signify by saying aye. The motion carried. The Chair recognizes Councilman O'Neill.
Madame Chairwoman, I move that Bill No. 970742, as amended, be reported out of this committee with a favorable recommendation. (Duly seconded.)
It has been property moved and seconded that Bill No. 970742 be reported out of committee with a favorable recommendation. All in favor will signify by saying aye. The motion is so carried. 13 COUNCIL COMMITTEE ON FINANCE - BILL NO. 980742 The record will also reflect that reflect that at the request of the sponsor of Bill 4 No.'s 970822 and 980042 be held. Thank you very much. This concludes our public meeting. (Adjourned at 1:38 p.m.) - - - 14 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, April 23, 1998 were reported and accurately by me, and that this is a correct transcript of same. RE: COUNCIL COMMITTEE ON FINANCE __________________________________, JOSEPHINE CARDILLO, RPR