(1) Pursuant to the provisions of Section 6-300 of the
Charter, the City Treasurer is authorized to deposit City funds in the following
banks or
institutions:
[2] (a) Bank
Hapoalim;
(b) Bank Leumi;
(c) Brown Brothers, Harriman &
Company;
(d) First Union National Bank;
(e) Frankford Trust
Company;
(f) Mellon Bank;
(g) JeffBanks,
Inc.;
(h) CoreStates Financial Corp.;
(i) PNC Bank,
N.A.;
(j) Berean Federal Savings Bank;
(k) Polonia Federal
Savings and Loan;
(l) Prudential Savings Bank;
(m) Borinquen
Federal Credit Union;
(n) Sentry Federal Credit
Union;
(o) Weavers Way Federal Credit Union;
(p) Other
Neighborhood Based Credit Unions:
(.i) whose deposits are insured by
the National Credit Union Administration; and,
(.ii) which are
chartered to serve a particular neighborhood located within the City of
Philadelphia, or to serve the members of an organization representing a
particular neighborhood.
(q) Chestnut Hill National
Bank;
[3] (r) First Republic
Bank;
[4] (s) United Bank of
Philadelphia;
[5] (t) First
Commercial Bank of
Philadelphia;
[6] (u) Firstrust
Bank;
[7] (v) Progress
Bank;
[8] (w) Crusader
Bank;
[9] (x) Commerce
Bank/Pennsylvania,
N.A.;
[10] (y) Asian
Bank;
[11] (z) Pennsylvania
Business Bank;
[12] (aa) The
Philadelphia Trust
Company;
[13] (bb) Summit
Bank;
[14] (cc) Sovereign
Bank.
[15] (dd) Citizens
Bank.
[16] (2) Each City
depository
shall:
[17] (a) be insured
by a Federal Corporation;
(b) make available to the City quarterly
statements of condition and earnings; and
(c) provide the City with
independently audited Annual Statements containing information no less complete
than that required by the Securities and Exchange Commission from institutions
under its jurisdiction, or, in the alternative, provide, with the approval of
the City Treasurer, copies of Quarterly Reports, or in the case of institutions
listed in sub-section 19-201(1)(j)--(p), the most recent Annual Reports, filed
with appropriate regulatory authorities, containing information substantially
similar to that otherwise required
herein.
[18] (d) provide the
City with an affidavit certifying that neither it, nor any of its affiliates,
is, and none will become a high cost lender or a predatory lender as defined in
Chapter 9-2400, Prohibition Against Predatory Lending Practices. The affidavit
shall be in a form prescribed by the City Treasurer and shall be sworn by one or
more of the officers of the
depository.
[19] (e) provide
the City with predatory lending information, which shall include, but is not
limited to the market share ratio of the depository’s refinance loans in
minority census tracts in Philadelphia to non minority census tracts in
Philadelphia, and the market share ratio of the depository's refinance
loans in low and moderate income census tracts in Philadelphia to middle and
upper income census tracts as all terms describing census tracts are defined in
12 C.F.R. Pt. 955, App. A (as amended); and considering each affiliate
separately in
calculations.
[20] (f) provide
the City with an annual statement of community reinvestment goals with regard to
providing small business, home mortgage and improvement loans as well as other
community development investments within low and moderate-income neighborhoods
in the City of
Philadelphia.
[21] (3) No
application for depository status, except from the institutions listed in
sub-sections 19-201(1)(j)--(aa), shall be considered unless the applicant has
been established for a minimum of five (5) years, has been profitable for the
last two (2) years, and has a minimum of one hundred million ($100,000,000)
dollars in
assets.
[22] (4) Security for
Deposits:
[23] (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.
[24] (b) Where a
depository secures the deposit of City funds by depositing proper securities
with the Federal Reserve or another commercial bank, such securities shall be in
bearer form or accompanied by a proper assignment or power of attorney to
transfer them. Any such deposit of securities shall be increased to the full
amount required in case of any depreciation in its value.
(c) In lieu
of the security required by sub-section 19-201(4)(a) of this chapter, a
neighborhood-based credit union, or an institution listed in subsections
19-201(1)(m)--(p) may, at its option, provide as alternative security the pledge
of federal deposit insurance from a federal corporation in the amount equal to
one hundred percent (100%) of the deposit to be secured, up to the maximum
insured amount provided by law. Deposits exceeding the maximum insured amount
shall be secured in the manner prescribed in sub-section
19-201(4)(a).
[25] (5) Banks
and institutions designated or appointed to act as City depositories shall be
required to cash the checks received by City employees as compensation for
services to the City, upon presentation and due endorsement thereon and, when
required by the depository, upon proper identification of the persons presenting
such checks for
cashing.
[26] (a) If any
bank or institution refuses to comply with the provisions of § 19-201(5)
the Council may revoke the designation of such bank or institution as a City
depository and the City Treasurer shall withdraw all City funds
therefrom.
(6) The City Treasurer shall not keep any City funds on
deposit in any bank or other financial institution designated by Council as a
depository of City funds
which:
[27] (a) provides,
either directly or indirectly through such entities as its parent corporation,
affiliate, subsidiary or agent, any of the following
services:
(.1) uses City funds or deposits to underwrite any
securities of a corporation, bank, or other financial institution having any
investments, franchises, management agreements or operations of any kind in
Northern Ireland, if such corporation, bank, or financial institution has not
implemented the fair employment principles embodied in the MacBride Principles,
as identified by Investor Responsibility Research Center (Washington,
D.C.).
(.2) uses City funds or deposits to make any loans to or to
provide any other financial services to a corporation, bank or other financial
institution having any investments, franchises, management agreements or
operations of any kind in Northern Ireland, if such corporation, bank, or
financial institution has not implemented the fair employment principles
embodied in the MacBride Principles as identified by the Investor Responsibility
Research Center (Washington, D.C.).
(.3) uses City funds or deposits
to provide any trade related credit or non-credit services to a corporation,
bank, or other financial institution having any investments, franchises,
management agreements or operations of any kind in Northern Ireland, if such
corporation, bank, or financial institution has not implemented the fair
employment principles embodied in the MacBride Principles as identified by the
Investor Responsibility Research Center (Washington,
D.C.).
(.4) engages in lending practices as a high cost lender or a
predatory lender as defined in Chapter 9-2400. Prohibition Against Predatory
Lending
Practices.
[28] (7) The
provisions of this section are intended to supersede the Act of April 29, 1929,
P.L. 865, 53 P.S. §
15704.
[29]