Official:Amending Chapter 19-200 of The Philadelphia Code, entitled "City Funds - Deposits, Investments, Disbursements," by requiring any City Depository authorized to accept City deposits under Section 19-201 of The Philadelphia Code to annually certify compliance with Section 17-104 and to provide the City with a long term strategic plan to address disparities in its lending and investment activities.
Sponsor: Councilmember Goode
Introduced: September 15, 2005
Signed: December 1, 2005
: Committee on Finance
Status: Signed into Law, step 4 of 4
This bill requires banks and financial institutions that accept Philadelphia's deposits to report on their community reinvestment goals and address disparities in lending and investments. The City Treasurer must certify compliance or withdraw funds from non-compliant institutions.
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