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Amending Section 19-201 of The Philadelphia Code relating to "City Depositories," by clarifying and updating the list of institutions in which the City is authorized to deposit funds, and by amending certain conditions.

AI summary

This enacted bill amends the rules for institutions where Philadelphia may deposit City funds. It adds The Philadelphia Trust Company to the authorized list and sets requirements for other applicants, including at least five years in operation, two profitable years, and $100 million in assets, while exempting institutions listed in the specified section from those requirements.

File details

Status
ENACTED
Introduced
February 24, 2000
Sponsors
Jannie L. Blackwell
View official record ↗

Full text

THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS:

SECTION 1. Section 19-201 of the Philadelphia Code is hereby amended to read as follows:

§19-201. City Depositories.

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:

* * *

(aa) The Philadelphia Trust Company.

* * *

(3) No application for depository status, except from the institutions listed in sub-section

19-201(1) (j)-(aa)

, shall be considered unless the applicant has been established for a minimum of five (5) years, has been profitable for the last two (2) years, and has minimum of one hundred million ($100,000,000) dollars in assets.

* * *

_______________________________

Explanation:

[Brackets] indicate matter deleted.

Italics

indicate new matter added.

End

File history

Sometimes city council's record keeping is not complete. This timeline reflects the information on the council's legistar website.
  1. Council actionMAYOR

    Signed

  2. Council actionCITY COUNCIL

    Read

  3. Council actionCITY COUNCIL

    Ordered placed on next week`s second reading calendar

  4. Council actionCITY COUNCIL

    Ordered printed and placed on next first reading calendar

    Pass
  5. Council actionCommittee on Finance

    Hearing notices sent

    Council actionCommittee on Finance

    Reported favorably

    Council actionCommittee on Finance

    Amended

  6. Council actionCITY COUNCIL

    Referred

    Council actionCITY COUNCIL

    Introduced

    Pass