Amending Section 19-201 of The Philadelphia Code, entitled "City Depositories," by revoking the depository status of Wachovia Bank, and revising the list of City depositories, under certain terms and conditions.

THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS:

SECTION 1. Subsection 1 of Section 19-201of The Philadelphia Code is hereby repealed in its entirety, and a new subsection is added that reads as follows:

§ 19-201. City Depositories.

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(1) 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:

(a) PNC Bank, N.A.;

(b) Citizens Bank;

(c) Commerce Bank/Pennsylvania, N.A.;

(d) United Bank of Philadelphia;

(e) Mellon Bank;

(f) Bank of America;

(g) Advance Bank;

(h) Republic First Bank

(i) Sovereign Bank

(j) Citibank, N.A.

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Explanation:

Italics

indicate new matter added.

End

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