PASSED

The enacted bill creates a process for selecting one or more banks or other qualified institutions to receive City deposits used to pay City employees. The City Treasurer must seek applications, tentatively select institutions, negotiate proposed contracts, and obtain City Council approval by ordinance before any contract is signed.

Amending Chapter 19-200 of The Philadelphia Code, entitled "City Funds - Deposits, Investments, Disbursements," by establishing a process to select a bank or banks to receive City deposits to be used to meet City payroll expenses, under certain terms and conditions.