Title
Transmitting a bill constituting the Sixth Supplemental Ordinance to the General Gas Works Revenue Bond Ordinance of 1998 (the 1998 General Ordinance); authorizing the Mayor, the City Controller and the City Solicitor, or a majority of them, to sell, either at public or private sale, Gas Works Revenue Bonds, Fifth Series (1998 Ordinance), of the City of Philadelphia, in one or more subseries (the Fifth Series Bonds) to be issued to pay the cost of certain capital projects, the cost of refunding or redeeming all or a portion of certain outstanding Gas Works Revenue Bonds and other Project Costs, as hereinafter more particularly described; and authorizing the application of proceeds of the Fifth Series Bonds for such purpose; authorizing the City to obtain credit enhancement for the Fifth Series Bonds; authorizing the City of Philadelphia to enter into Qualified Swap Agreements or Exchange Agreements with respect to the Fifth Series Bonds; determining the sufficiency of Gas Works Revenues; covenanting the separation of Gas Works revenue accounts and proceeds of the Fifth Series Bonds from general accounts of the City; covenanting the payment of interest and principal on and specifying the purposes of the Fifth Series Bonds; authorizing covenants and action in order that the Fifth Series Bonds shall not be arbitrage bonds; authorizing the Fifth Series Bonds to be issued in book-entry form and providing book-entry provisions to apply in such case; and providing that this Ordinance is supplemental to the 1998 General Ordinance and that the provisions of the 1998 General Ordinance, to the extent not modified, amended or superseded by this Ordinance, are applicable, accompanied by an explanatory letter from the Director of Finance.
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