Official:Amending Chapter 19-200 of The Philadelphia Code, entitled "City Funds - Deposits, Investments, Disbursements" by amending certain requirements of City depositories; all under certain terms and conditions.
Sponsor: Councilmember Goode
Introduced: May 25, 2006
Signed: June 15, 2006
: Committee on Finance
Status: Signed into Law, step 4 of 4
This bill requires City depositories to invest in low-income neighborhoods and report their community reinvestment goals. If a bank doesn't comply, it will lose City funds until it meets the requirements.
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