A fuller log of what Council actually did.

This bill allows the City of Philadelphia to continue selling special notes to fund the Gas Works, using some of the Gas Works' revenue as security for these notes. The bill affects the city's budget and management of the Gas Works. It outlines the rules and conditions for selling these notes, including how the money will be managed and paid back.

Authorizing, generally, the continued issuance and sale by the City of Philadelphia of Gas Works Revenue Notes of the City, prescribing the forms of notes and providing for their execution and payment, pledging certain revenues of the Gas Works as security, adopting a rate covenant and directing the imposition and collection of rates and charges sufficient to comply therewith, prescribing the conditions precedent to the issuance of specific series of notes, including a resolution passed by the Bond Committee providing for establishment of credit support for notes, providing for designation of a fiscal agent and sinking fund depositary, providing for establishment of a sinking fund and its management, providing remedies upon default, and providing for amendments and modifications.

Introduced and Referred

Procedural action without a posted tally.