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Ordinance amending and supplementing the Pittsburgh Code, Title Two-Fiscal, Article Three-Depositories, Chapter 221-Contracts, by requiring financial institutions seeking to become City depositories to make a commitment to community reinvestment and responsible banking and instructing the City Controller to evaluate banks with which the City does business as to their success or failure in meeting this commitment.
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Be it resolved by the Council of the City of Pittsburgh as follows:
Section 1. The Pittsburgh Code, Title Two - Fiscal, Article Three - Depositories, Chapter 221 - Contracts, is hereby amended and supplemented as follows:
CHAPTER 221: - CONTRACTS
ยง 221.01 - DEFINITIONS
As used in this Chapter, certain terms are defined as follows:
(a) Active Depository is defined as a financial institution that holds city assets in an account which allows those assets to be withdrawn at any given time by the city.
(b) BANKS refers to banks and trust companies.
(c) CENSUS TRACT INCOME LEVEL as a percentage of metropolitan statistical area median, upper level refers to greater than or equal to 120%, middle level refers to less than 120% but greater than 80%, moderate refers to less than 80% but greater than 50%, and low refers to less than 50% but greater than .01%.
(d) City Depository means a financial institution receiving municipal deposits.
(e) CITY MONEYS are funds of the City and other funds for which the City or any officer or employee thereof shall act as custodian or trustee, wherein the legal or equitable title in such funds shall belong to persons, copartnerships, corporations or the federal or state government, or any agency or political subdivision thereof other than the city.
(f) COMMUNITY DEVELOPMENT INVESTMENT means an investment that has as its primary purpose community development as defined in the Community Reinvestment Act (CRA).
(g) COMMUNITY DEVELOPMENT LOAN means a loan that has as its primary purpose communit...
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