Title
Amending Chapter 19-200 of The Philadelphia Code, entitled "City Funds - Deposits, Investments, Disbursements," by requiring that contracts with proposed recipients of City Payroll Deposits, as well as any renewals of such contracts, include an annual statement of community reinvestment goals in addition to existing requirements; and by requiring that the recipients of such deposits provide quarterly updates on their fair lending plans and annual statements of community reinvestment goals; 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
ยง 19-201. City Depositories.
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(8) City Payroll Depositories.
(a) For purposes of this subsection (8), "City Payroll Deposits" shall mean funds used to cover payroll expenses for employees paid out of the City Treasury.
(b) At least once every four years, the City Treasurer shall implement an RFP/RFQ process seeking applications from banks or other qualified institutions that wish to receive City Payroll Deposits. Such RFP/RFQ shall incorporate all the provisions of this Section 19-201 relating to the minimum qualifications of City depositories. In accordance with the terms of the RFP/RFQ, the City Treasurer shall tentatively select one or more institutions to receive City Payroll Deposits, and shall enter into negotiations with such institution or institutions to reach agreement on a proposed contract for such services, in terms approved by the Law Department, provided that all conditions set forth in this Section 19-201 for City depositories shall be incorporated in such contract.
(c) No contract with a proposed recipient of City Payroll Deposits may be executed until it has been approved by Council by ordinance. No such contract shall be approved by Council unless:
(i) The proposed recipient submits a fair lending plan that responds to the latest annual lending disparity study or studies commissioned by the City relating to the performance of the proposed recipient and the performance of any other bank or other institution that the proposed recipient has acquired, and such plan, as well as the annual statement of community reinvestment goals described in subsection 19-201(2)(f), are [is] attached as [an exhibit] exhibits to the ordinance approving the contract; and
(ii) The contract is for a one year term plus not more than three one year renewal terms, each at the City's sole option. The contract shall further provide that the City may not exercise its option to renew the contract for any one year renewal term unless Council has expressly approved such renewal by Ordinance. No such renewal shall be approved by Council unless the proposed recipient submits an updated fair lending plan that responds to the latest annual lending disparity study or studies commissioned by the City relating to the performance of the proposed recipient and the performance of any other bank or other institution that the proposed recipient has acquired, and such updated plan, as well as the current annual statement of community reinvestment goals described in subsection 19-201(2)(f), are [is] attached as [an exhibit] exhibits to the Ordinance approving the renewal.
(d) In addition to any other requirements prescribed in this Chapter, each recipient of City Payroll Deposits shall provide quarterly updates on its current fair lending plan and on its progress toward achieving the objectives set forth in its most recent annual statement of community reinvestment goals. Such updates shall be filed with the City Treasurer and the Chief Clerk of Council, with copies to the President and all members of Council.
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Explanation:
[Brackets] indicate matter deleted.
Italics indicate new matter added.
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