Official:Amending Chapter 19-200 of The Philadelphia Code, entitled "City Funds - Deposits, Investments, Disbursements," by prohibiting the City Treasurer from depositing funds in banks and institutions that have failed to submit statements of community reinvestment goals for low and moderate income neighborhoods in the City of Philadelphia, under certain terms and conditions.
Sponsor: Councilmember Goode
Introduced: January 28, 2003
: Committee on Finance
Status: Signed into Law, step 4 of 4
This bill requires banks to submit plans for investing in low-income neighborhoods and prohibits the City Treasurer from depositing funds in banks that don't comply.
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