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Amending Chapter 19-200 of The Philadelphia Code, entitled “City Funds - Deposits, Investments, Disbursements,” by revising the list of City depositories because of non-compliance with certain provisions of that Chapter, under certain terms and conditions.
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THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS:
SECTION 1. Chapter 19-200 of The Philadelphia Code is hereby amended to read as follows:
CHAPTER 19-200.
CITY FUNDS-DEPOSITS, INVESTMENTS, DISBURSEMENTS
§ 19-201. City Depositories.
(1) Pursuant to the provisions of Section 6-300 of the Charter, the City Treasurer is authorized to deposit City funds in the following banks or institutions:
[(a) Bank Hapoalim;
(b) Bank Leumi;
(c) Brown Brothers, Harriman & Company;]
[(d)](a) First Union National Bank;
[(e) Frankford Trust Company;
(f) Mellon Bank;
(g) JeffBanks, Inc.;
(h) CoreStates Financial Corp.;]
[(i)](b) PNC Bank, N.A.;
[(j) Berean Federal Savings Bank;
(k) Polonia Federal Savings and Loan;
(l) Prudential Savings Bank;
(m) Borinquen Federal Credit Union;
(n) Sentry Federal Credit Union;
(o) Weavers Way Federal Credit Union;
(p) Other Neighborhood Based Credit Unions:
(.i) whose deposits are insured by the National Credit Union Administration; and,
(.ii) which are chartered to serve a particular neighborhood located within the City of Philadelphia, or to serve the members of an organization representing a particular neighborhood.
(q) Chestnut Hill National Bank;
(r) First Republic Bank;]
[(s)](c) United Bank of Philadelphia;
[(t) First Commercial Bank of Philadelphia;
(u) Firstrust Bank;
(v) Progress Bank;
(w) Crusader Bank.]
[(x)](d) Commerce Bank/Pennsylvania, N.A.;
[(y) Asian Bank.
(z) Pennsylvania Business Bank.
(aa) The Philadelphia Trust Company.
(bb) Summit Bank.
(cc) Sovereign Bank.]
[(dd)](e) Citizens Bank.
(f) Mellon Bank.
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SECTION 2. No bank or institution shall be reinstated or added to this list until it comes into compliance with subsection (2)(f) of Section 19-201.
SECTION 3. This Ordinance shall take effect July 1, 2003.
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Explanation:
Italics indicate new matter added.
[Brackets] indicates matter deleted.
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