Official: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.
Sponsor: Councilmember Tasco
Introduced: May 12, 2011
: Committee on Finance
Status: Signed into Law, step 4 of 4
This bill allows banks that hold City of Philadelphia funds to not have to post collateral as long as those funds are insured by a government agency.
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