City of Philadelphia - File #: 100496

• File #: 100496
• Version: 0
• Type: Bill
• Status: LAPSED
• File created: 6/17/2010
• In control: Committee on Commerce & Economic Development
• Title: Amending Chapter 19-300 of The Philadelphia Code, entitled "Bond Issues," by providing a preference for Philadelphia-based firms and professionals to render professional services in connection with the issuance of bonds by the City and City-related agencies, all under certain terms and conditions.
• Sponsors: Councilmember Green, Councilmember Jones, Councilmember Tasco, Councilmember DiCicco, Councilmember Goode, Councilmember Sanchez, Councilmember Greenlee, Councilmember Reynolds Brown, Councilmember Krajewski, Councilmember Kelly, Council President Verna, Councilmember O'Neill, Councilmember Miller, Councilmember Blackwell, Councilmember Clarke
• Indexes: BONDS
• Code sections: 19-300 - Bond Issues

Date	Ver.	Action By	Action	Result	Tally
6/17/2010	0	CITY COUNCIL	Referred
6/17/2010	0	CITY COUNCIL	Introduced	Pass

Title
Amending Chapter 19-300 of The Philadelphia Code, entitled "Bond Issues," by providing a preference for Philadelphia-based firms and professionals to render professional services in connection with the issuance of bonds by the City and City-related agencies, all under certain terms and conditions.
Body
THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS:

SECTION 1. Chapter 19-300 of The Philadelphia Code is hereby amended to read as follows:

CHAPTER 19-300. BOND ISSUES.

* * *

§19-305. Local Preference for Bond Professionals.

(1) Definitions.

(a) Bond Ordinance. An ordinance that authorizes the issuance of debt by the City or any other agency, or that authorizes the City to enter into a service agreement with an agency under which the City is obligated to make payments to the agency in an amount sufficient to service the debt issued by the agency.
(b) Bond Professional. A person retained to provide professional services in connection with the issuance of debt by the City or any other agency, and who is paid out of the costs of issuance of such debt.
(c) Philadelphia-based firm. A company that maintains an office in Philadelphia with full-time and some employees based in Philadelphia to carry out its duties in connection with the issuance of debt, and has a trading desk for bonds in Philadelphia and such company is included on the list of qualified Philadelphia-based firms created under §19-305(3).
(d) Philadelphia-based professional. An individual or firm that who maintains an office in Philadelphia and performs a significant portion of the services from that office, and is included on the list of qualified Philadelphia-based professionals created under §19-305(3).
(2) No Bond Ordinance shall be approved unless it requires that the selection of Bond Professionals is conducted in accordance with the requirements of this Section. Unless a Bond Ordinance approved after the date this Section became law expressly provides ot...