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Amending Chapter 19-200 of The Philadelphia Code, entitled "City Funds - Deposits, Investments, Disbursements," by revising the list of City depositories; under certain terms and conditions.

AI summary

This bill, which is in committee, would amend Philadelphia’s rules for where City funds may be deposited. It would remove Wells Fargo Bank from the City’s list of authorized depositories while continuing to list other banks and financial institutions, including PNC Bank, United Bank of Philadelphia, and TD Bank.

File details

Status
IN COMMITTEE
Introduced
October 8, 2020
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.

(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) Wells Fargo Bank, N.A.;]

[(b)]

(a)

PNC Bank, N.A.;

[(c)]

(b)

United Bank of Philadelphia;

[(d)]

(c)

TD Bank, National Association;

[(e)]

(d)

Citizens Bank;

[(f)]

(e)

Bank of America;

[(g)]

(f)

Republic First Bank;

[(h)]

(g)

Citibank, N.A.;

[(i)]

(h)

Bank of New York Mellon;

[(j)]

(i)

U.S. Bank.

___________________________________

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 actionCITY COUNCIL

    Introduced and Referred