PASSED

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.

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.