Providing for the submission to the qualified electors of the City of Philadelphia of the proposal set forth in a Resolution approved by Council proposing an amendment of The Philadelphia Home Rule Charter providing for a mandatory Asset Sales Optimization Fund; and authorizing the appropriate officers to publish notice and to make arrangements for the special election.

THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS:

SECTION 1. There shall be submitted for the approval or disapproval of the qualified electors of the City of Philadelphia at the election to be held April 24, 2012, an amendment to The Philadelphia Home Rule Charter, as contained in Resolution No. 120033, approved by Council on

, and filed in the Office of the Clerk of Council.

SECTION 2. There shall be placed on the ballot the following question to be answered “Yes” or “No” by the qualified electors participating in the election:

Shall The Philadelphia Home Rule Charter be amended to provide for a mandatory Asset Sales Optimization Fund and to provide for restrictions on deposits to and withdrawals from such Fund?

SECTION 3. The Clerk of Council is hereby directed to have printed in pamphlet form, in sufficient number for general distribution, the proposed amendment to The Philadelphia Home Rule Charter as set forth in Resolution No. 120033 together with the ballot question set forth in Section 2 of this Ordinance.

SECTION 4. The Clerk of Council is hereby directed to cause to be published in three (3) newspapers of general circulation in the City and in the Legal Intelligencer the proposed amendment to The Philadelphia Home Rule Charter, together with the ballot question set forth in Section 2 of this Ordinance, once during the three (3) weeks preceding the election on April 24, 2012; and further, at such other time and in such other manner as he may consider desirable.

SECTION 5. The Mayor is hereby authorized and directed to issue a proclamation giving at least thirty (30) days' notice of such election. The Clerk of Council shall cause a copy of the proclamation to be published in two (2) newspapers of general circulation in the City and in the Legal Intelligencer once a week during the three (3) weeks preceding the election on April 24, 2012.

SECTION 6. The appropriate officers are authorized and directed to take such action as may be required for the holding of an election on the ballot question set forth in Section 2 of this Ordinance as provided for by the laws of the Commonwealth of Pennsylvania.

End