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BillENACTED

Bill 110371

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.

Introduced May 12, 2011Committee on FinanceOfficial record: City of Philadelphia via Legistar

Introduced by

Councilmember Tasco

From the floor

Passages in the official transcripts that cite this file number. Every quote links to its exact place in the record.

  1. “…be deposited for use to pay expenses for programs and facilities in the Fairmount Park system"; and Bill No. 110371, entitled "An ordinance 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 City funds do not exceed the insurance provided by the Federal Deposit Insurance Corporation or Fe…”

    Chief Clerk · Stated Meeting, June 16, 2011 · Jun 16, 2011 · official transcript, this passage

  2. “…be deposited for use to pay expenses for programs and facilities in the Fairmount Park system"; and Bill No. 110371, entitled "An ordinance amending Title 19 of The Philadelphia Code, entitled 'Finance, Taxes and Collections,' by authorizing 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 …”

    Chief Clerk · Stated Meeting, June 9, 2011 · Jun 9, 2011 · official transcript, this passage

Status timeline

  1. May 12, 2011
    Introduced and Referred · CITY COUNCIL

    Recorded result: Pass

    A motion was made by Councilmember Tasco that this matter be Introduced and Referred to the Committee on Finance. The motion carried unanimously.

  2. Jun 6, 2011
    HEARING NOTICES SENT · Committee on Finance
  3. Jun 6, 2011
    HEARING HELD · Committee on Finance
  4. Jun 6, 2011
    REPORTED FAVORABLY, RULE SUSPENSION REQUESTED · Committee on Finance
  5. Jun 9, 2011
    ORDERED PLACED ON THIS DAY`S FIRST READING CALENDAR · CITY COUNCIL
  6. Jun 9, 2011
    SUSPEND THE RULES OF THE COUNCIL · CITY COUNCIL

    Recorded result: Pass

    A motion was made by Councilmember Tasco that this matter be SUSPEND THE RULES OF THE COUNCIL. The motion carried unanimously.

  7. Jun 9, 2011
    ORDERED PLACED ON NEXT WEEK`S SECOND READING CALENDAR · CITY COUNCIL
  8. Jun 16, 2011
    READ AND PASSED · CITY COUNCIL

    Recorded result: Pass

    A motion was made that this matter be READ AND PASSED. The motion carried by the following vote:

  9. Jul 5, 2011
    SIGNED · MAYOR

Official documents

Documents open on the City of Philadelphia’s legislative site.

Full text

Read the full text as published

..Title 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. ..Body 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. * * * (4) Security for Deposits. (a) Banks or institutions designated by the Council as depositories of City funds shall deposit with the Philadelphia Federal Reserve Bank, or another commercial bank, bonds or notes of the United States government, or United States Treasury obligations, or United States Agency obligations, or bonds of the Commonwealth of Pennsylvania or its instrumentalities, authorities, counties, cities, boroughs, incorporated towns, townships or school districts, or notes issued by the City of Philadelphia, or general obligation bonds of other States rated A or better by Moody's Investors Service or Standard and Poor's Corporation, equal to the deposits to be secured. The market value of the securities so pledged shall equal the deposit. The market value is to be determined by such bank or institution holding City deposits as of the close of business on the last day of the previous month or as of the opening of business on the first day of the present month. The determination of market value by the bank or institution holding the City deposits is to be signed by the bank auditor and is subject to approval by the City Treasurer. To the extent that the amount of City deposits or accounts held by a City depository are fully insured by the Federal Deposit Insurance Corporation or the Federal Savings and Loan Insurance Corporation, they need not be secured as otherwise required in this subsection 19-201(4)(a). SECTION 2. This Ordinance shall take effect immediately. ______________________ Explanation: Italics indicate new matter added. ..End