Title
Transmitting a bill constituting the Eighteenth Supplemental Ordinance to the General Gas Works Revenue Bond Ordinance of 1975 (the 1975 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, Eighteenth Series (1975 General Ordinance), of the City of Philadelphia, in one or more subseries (the Eighteenth Series Bonds) to be issued to pay 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 Eighteenth Series Bonds for such purposes; authorizing the City of Philadelphia to obtain credit enhancement for the Eighteenth Series Bonds; authorizing the City of Philadelphia to enter into swap agreements or exchange agreements with respect to the Eighteenth Series Bonds; determining the sufficiency of Project Revenues; covenanting the separation of Gas Works revenue accounts and proceeds of the Eighteenth Series Bonds from general accounts of the City of Philadelphia; covenanting the payment of interest and principal on and specifying the purpose of the Eighteenth Series Bonds; authorizing covenants and actions in order that the Eighteenth Series Bonds shall not be arbitrage bonds; authorizing the Eighteenth 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the 1975 General Ordinance and that the provisions of the 1975 General Ordinance to the extent not modified, amended or superseded by this Ordinance, are applicable, accompanied by an explanatory letter from the Director of Finance.
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