READ AND PASSED

This bill changes the rules for where the City of Philadelphia can put its money by removing two banks from the list of approved banks. This affects the City Treasurer, who is in charge of managing the city's funds. The change means the city will no longer deposit funds in Citibank, N.A. and Republic First Bank.

Amending Chapter 19-200 of The Philadelphia Code, entitled "City Funds - Deposits, Investments, Disbursements," by amending Section 19-201, entitled "City Depositories," to remove Citibank, N.A. and Republic First Bank as authorized financial institutions in which the City Treasurer may deposit funds, all under certain terms and conditions.