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File #: 050745    Version: 0 Name:
Type: Bill Status: ENACTED
File created: 9/15/2005 In control: Committee on Finance
On agenda: Final action: 12/1/2005
Title: Amending Chapter 19-200 of The Philadelphia Code, entitled "City Funds - Deposits, Investments, Disbursements," by requiring any City Depository authorized to accept City deposits under Section 19-201 of The Philadelphia Code to annually certify compliance with Section 17-104 and to provide the City with a long term strategic plan to address disparities in its lending and investment activities.
Sponsors: Councilmember Goode, Councilmember Goode, Councilmember Reynolds Brown, Councilmember Reynolds Brown, Councilmember Blackwell, Councilmember Blackwell, Councilmember Tasco, Councilmember Tasco, Councilmember Ramos, Councilmember Ramos
Indexes: CITY DEPOSITORIES
Code sections: 19-200 - City Funds-Deposits, Investments, Disbursements, 19-201 - City Depositories
Attachments: 1. CertifiedCopy05074500.pdf
Date Ver.Action ByActionResultTallyAction DetailsMeeting DetailsVideo
12/15/20050 MAYOR SIGNED   Action details Meeting details Not available
12/15/20050 MAYOR SIGNED   Action details Meeting details Not available
12/1/20050 CITY COUNCIL READ   Action details Meeting details Not available
12/1/20050 CITY COUNCIL READ   Action details Meeting details Not available
12/1/20050 CITY COUNCIL PASSEDPass16:0 Action details Meeting details Not available
12/1/20050 CITY COUNCIL PASSEDPass16:0 Action details Meeting details Not available
11/17/20050 CITY COUNCIL ORDERED PLACED ON THIS DAY`S FIRST READING CALENDAR   Action details Meeting details Not available
11/17/20050 CITY COUNCIL ORDERED PLACED ON THIS DAY`S FIRST READING CALENDAR   Action details Meeting details Not available
11/17/20050 CITY COUNCIL SUSPEND THE RULES OF THE COUNCILPass  Action details Meeting details Not available
11/17/20050 CITY COUNCIL SUSPEND THE RULES OF THE COUNCILPass  Action details Meeting details Not available
11/17/20050 CITY COUNCIL ORDERED PLACED ON NEXT WEEK`S SECOND READING CALENDAR   Action details Meeting details Not available
11/17/20050 CITY COUNCIL ORDERED PLACED ON NEXT WEEK`S SECOND READING CALENDAR   Action details Meeting details Not available
11/16/20050 Committee on Finance HEARING NOTICES SENT   Action details Meeting details Not available
11/16/20050 Committee on Finance HEARING NOTICES SENT   Action details Meeting details Not available
11/16/20050 Committee on Finance REPORTED FAVORABLY, RULE SUSPENSION REQUESTED   Action details Meeting details Not available
11/16/20050 Committee on Finance REPORTED FAVORABLY, RULE SUSPENSION REQUESTED   Action details Meeting details Not available
11/16/20050 Committee on Finance HEARING HELD   Action details Meeting details Not available
11/16/20050 Committee on Finance HEARING HELD   Action details Meeting details Not available
9/15/20050 CITY COUNCIL Referred   Action details Meeting details Not available
9/15/20050 CITY COUNCIL Referred   Action details Meeting details Not available
9/15/20050 CITY COUNCIL IntroducedPass  Action details Meeting details Not available
9/15/20050 CITY COUNCIL IntroducedPass  Action details Meeting details Not available
Title
Amending Chapter 19-200 of The Philadelphia Code, entitled "City Funds - Deposits, Investments, Disbursements," by requiring any City Depository authorized to accept City deposits under Section 19-201 of The Philadelphia Code to annually certify compliance with Section 17-104 and to provide the City with a long term strategic plan to address disparities in its lending and investment activities.
Body
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

ยง19-201. City Depositories.

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(2) Each depository shall:

(f) provide the City with an annual statement of community reinvestment goals including the number of small business loans, home mortgages, home improvement loans, and community development investments to be made within low and moderate-income neighborhoods in the City of Philadelphia. Each depository shall also certify compliance with Section 17-104 of the Philadelphia Code and provide the City with a long term strategic plan to address disparities in its lending and investment activities. On July 1 of each year, the City Treasurer shall certify to the President of City Council whether or not each bank and institution on the list of potential City depositories set forth in this section has complied with the each requirement of this subsection in the preceding fiscal year and shall withdraw all City funds from any bank or institution that has not complied with the each requirement. No funds shall thereafter be deposited in such bank or institution until the bank or institution comes into compliance with the each requirement and the City Treasurer has so certified to the President of City Council. The City Treasurer shall provide the President of City Council notification of the withdrawal of, and redeposit of, any City funds pursuant to this subsection.

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