WHEREAS, The Council of the City of Philadelphia unanimously passed Bill Number 000165 on May 4, 2000, authorizing the City of Philadelphia to invest in promissory notes issued by U.S. Treasury certified Community Development Financial Institutions (CDFIs); and
WHEREAS, A Community Development Financial Institution Industry Analysis demonstrating the capacity of CDFIs operating in Philadelphia was completed and publicly released the same month; and
WHEREAS, A Community Reinvestment Report was completed and publicly released in September of 2000, demonstrating that CDFIs are significant financiers of community economic development in low income and predominantly minority neighborhoods in Philadelphia; and
WHEREAS, The Council unanimously passed Bill Number 000546 on November 16, 2000, creating the Community Reinvestment Commission and authorizing this Commission to create the Philadelphia Community Development Financial Institution Fund; and
WHEREAS, Mayor John F. Street issued a parallel Executive Order on December 7, 2000, placing the Community Reinvestment Commission under the Office of the Director of Finance; and
WHEREAS, The Director of Finance, on behalf of the Street Administration, committed to capitalizing the Philadelphia Community Development Financial Institution Fund in the third quarter of fiscal year 2001; now, therefore
THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS:
SECTION 1.
The Director of Finance is hereby authorized to make the following transfers in appropriations for Fiscal Year 2002 from the Grants Revenue Fund to the General Fund.
FROM:
GRANTS REVENUE FUND
9.21
DIRECTOR OF FINANCE -- PROVISION FOR OTHER GRANTS
Advances and Other Miscellaneous Payments
$5,000,000
Total
$5,000,000
Total "FROM" Section
$5,000,000
TO:
GENERAL FUND
2.38
DIRECTOR OF FINANCE
Contributions (Philadelphia C.D.F.I. Fund)
$5,000,000
Total
$5,000,000
Total "TO" Section
$5,000,000
SECTION 2.
This Ordinance shall take effect immediately.
End