READ AND PASSED
This enacted ordinance allows banks and other City-designated depositories to hold City funds without pledging matching securities as collateral when those funds are fully insured by the Federal Deposit Insurance Corporation or the Federal Savings and Loan Insurance Corporation. City deposits above the insured amount remain subject to the existing collateral requirements.
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.
Action by CITY COUNCIL
A motion was made that this matter be READ AND PASSED. The motion carried by the following vote:
Roll Call
| Member | Vote |
|---|---|
| Anna Cibotti Verna | Yes |
| Bill Green | Yes |
| Blondell Reynolds Brown | Yes |
| Brian J. O'Neill | Yes |
| Curtis Jones, Jr. | Yes |
| Darrell L. Clarke | Yes |
| Donna Reed Miller | Yes |
| Frank J. DiCicco | Yes |
| Frank Rizzo | Yes |
| Jack Kelly | Yes |
| James F. Kenney | Yes |
| Jannie L. Blackwell | Yes |
| Joan L. Krajewski | Yes |
| Maria D. Quiñones-Sánchez | Yes |
| Marian B. Tasco | Yes |
| W. Wilson Goode, Jr. | Yes |
| William K. Greenlee | Yes |