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Back to search resultsCOMMUNICATION 110469

Transmitting a bill Constituting the Eleventh Supplemental Ordinance to the General Gas Works Revenue Bond Ordinance of 1998 (the "1998 General Ordinance"); authorizing the City of Philadelphia (the "City") to sell, either at public or private sale, Gas Works Revenue Bonds, Tenth Series (the "Tenth Series Bonds") to pay the cost of refunding or redeeming certain outstanding Gas Works Revenue Bonds, any termination payment which may become due under a Qualified Swap Agreement in connection with the redemption or conversion of all or any portion of certain Gas Works Revenue Bonds and other Project Costs; authorizing the City to obtain credit enhancement for the Tenth Series Bonds; making certain determinations and covenants relating to Gas Works Revenues and the payment of interest and principal; and authorizing covenants and actions in order that the Tenth Series Bonds shall not be arbitrage bonds; all under certain terms and conditions., accompanied by an explanatory letter from the Ci...

AI summary

This communication, which was placed on file, transmitted a proposed bill concerning the City’s possible sale of Gas Works Revenue Bonds to refund or redeem certain existing bonds and cover related costs. The proposal also addresses credit enhancement, Gas Works revenues, payments of interest and principal, possible swap termination payments, and steps related to federal arbitrage-bond rules.

File details

Status
PLACED ON FILE
Introduced
May 26, 2011
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Full text

Title

Transmitting a bill Constituting the Eleventh Supplemental Ordinance to the General Gas Works Revenue Bond Ordinance of 1998 (the “1998 General Ordinance”); authorizing the City of Philadelphia (the “City”) to sell, either at public or private sale, Gas Works Revenue Bonds, Tenth Series (the “Tenth Series Bonds”) to pay the cost of refunding or redeeming certain outstanding Gas Works Revenue Bonds, any termination payment which may become due under a Qualified Swap Agreement in connection with the redemption or conversion of all or any portion of certain Gas Works Revenue Bonds and other Project Costs; authorizing the City to obtain credit enhancement for the Tenth Series Bonds; making certain determinations and covenants relating to Gas Works Revenues and the payment of interest and principal; and authorizing covenants and actions in order that the Tenth Series Bonds shall not be arbitrage bonds; all under certain terms and conditions., accompanied by an explanatory letter from the City Treasurer.

End

072674.00357/22017654v.5

File history

Sometimes city council's record keeping is not complete. This timeline reflects the information on the council's legistar website.
  1. Council actionCITY COUNCIL

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