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File #: 120650    Version: 0 Name:
Type: Bill Status: ENACTED
File created: 9/13/2012 In control: Committee on Appropriations
On agenda: Final action: 10/4/2012
Title: Amending Chapter 19-200 of The Philadelphia Code, entitled "City Funds - Deposits, Investments, Disbursements," by authorizing the establishment of a Responsible Banking Review Committee; all under certain terms and conditions.
Sponsors: Councilmember Goode
Indexes: CITY DEPOSITORIES
Code sections: 19-200 - City Funds-Deposits, Investments, Disbursements
Attachments: 1. CertifiedCopy12065000.pdf
Date Ver.Action ByActionResultTallyAction DetailsMeeting DetailsVideo
10/17/20120 MAYOR SIGNED   Action details Meeting details Not available
10/4/20120 CITY COUNCIL READ AND PASSEDPass16:0 Action details Meeting details Not available
9/27/20120 Committee on Appropriations HEARING NOTICES SENT   Action details Meeting details Not available
9/27/20120 Committee on Appropriations HEARING HELD   Action details Meeting details Not available
9/27/20120 Committee on Appropriations REPORTED FAVORABLY, RULE SUSPENSION REQUESTED   Action details Meeting details Not available
9/27/20120 CITY COUNCIL ORDERED PLACED ON THIS DAY`S FIRST READING CALENDAR   Action details Meeting details Not available
9/27/20120 CITY COUNCIL SUSPEND THE RULES OF THE COUNCILPass  Action details Meeting details Not available
9/27/20120 CITY COUNCIL ORDERED PLACED ON NEXT WEEK`S SECOND READING CALENDAR   Action details Meeting details Not available
9/13/20120 CITY COUNCIL Introduced and ReferredPass  Action details Meeting details Not available
Title
Amending Chapter 19-200 of The Philadelphia Code, entitled "City Funds - Deposits, Investments, Disbursements," by authorizing the establishment of a Responsible Banking Review Committee; all under certain terms and conditions.
 
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
 
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      (2)      Each City depository shall:
 
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            (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 provide the City with a long term strategic plan to address disparities in its lending and investment activities. The strategic plan shall address how the depository will match or exceed peer lending performance in targeting capital access and credit needs disclosed in disparity studies commissioned by the City. 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 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 each requirement. No funds shall thereafter be deposited in such bank or institution until the bank or institution comes into compliance with 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;
 
                  (.1)      City Council may, by resolution, establish a Responsible Banking Review Committee as an agency of Council. The Committee's purpose shall be to review the implementation, effectiveness and enforcement of this subsection (2)(f) and to make recommendations to Council regarding the authorization of City depositories. The Committee shall meet, from time to time, as convened by Council;
 
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Explanation:
 
Italics indicate new matter added.
 
 
End