Title
Amending Section 17-104 of The Philadelphia Code, relating to "Prerequisites to the Execution of City Contracts," by adding a new subsection prohibiting the acceptance of bids on City contracts from, or the execution of original or renewal contracts with, corporations or other business entities that do business in Iran or Sudan, and imposing duties on the Procurement Department with respect to said prohibition and certain other related matters; and amending Section 19-201 of The Philadelphia Code, relating to "City Depositories," by adding provisions restricting City Depositories from providing certain services to corporations, banks, or financial institutions that do business in Iran or Sudan, and imposing duties on the City Treasurer with respect to said restrictions, and amending Section 22-1001, relating to "Investments," by adding a new subsection requiring the Board of Pensions and Retirement to divest from business entities doing business in Iran or Sudan, all under certain terms and conditions.
Body
THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS:
SECTION 1. Section 17-104 of The Philadelphia Code, relating to Prerequisites to the Execution of City Contracts, is hereby amended to read as follows:
ยง 17-104. Prerequisites to the Execution of City Contracts.
(1) Definitions. For the purpose of this subsection, the following definitions shall apply:
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(e) Department. The Procurement Department.
(f) Doing business in Iran. A business entity does business in Iran when it has, with actual knowledge, made an investment of $20,000,000 or more, or any combination of investments of at least $10,000,000 each, which in the aggregate equals or exceeds $20,000,000 in any 12-month period, and which directly or significantly contributes to the enhancement of Iran's ability to develop the petroleum or natural gas resources of Iran.
(g) Doing business in Sudan. A business entity does business in Sudan by maintainin...
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