Transmitting a bill amending Title 19 of The Philadelphia Code, entitled "Finance, Taxes, and Collections," by authorizing City depositories to hold City funds without posting equivalent collateral, to the extent such City funds do not exceed the insurance provided by the Federal Deposit Insurance Corporation or Federal Savings and Loan Insurance Corporation, accompanied by an explanatory letter from the City Treasurer.

AI summary

This communication transmits a proposed bill that would amend Philadelphia’s finance and tax code to allow City depositories to hold City funds without posting matching collateral, when the funds are within the amount insured by the Federal Deposit Insurance Corporation or Federal Savings and Loan Insurance Corporation. The item was placed on file and includes an explanatory letter from the City Treasurer; it does not itself enact the proposed change.