Summary
PICA adopted Resolution No. 2023-15, authorizing the execution of an amendment or replacement of the Original City Account Agreement, initially established in 1991 with CoreStates Bank (now U.S. Bank). Since PICA’s bonds have been fully repaid, the agreement must be updated to ensure compliance with statutory requirements. The City Account plays a critical role in managing Philadelphia’s revenue deposits and financial transactions, and this resolution ensures its continuity. The resolution authorizes the Chairperson or Vice Chairperson, with legal counsel’s guidance, to review, approve, and execute the necessary updates. By taking this action, PICA continues to fulfill its financial oversight responsibilities and maintain proper financial procedures. The resolution takes effect immediately and ratifies prior actions taken to ensure a smooth transition.