Title
Transmitting a bill authorizing the Commissioner of Public Property of the City of Philadelphia, on behalf of the City of Philadelphia and in cooperation with the Philadelphia Municipal Authority, to undertake a Project to promote the health, safety and welfare of the residents of the City of Philadelphia; authorizing and approving (i) the Project, (ii) the entering into, execution and delivery of an amendment to an existing Lease between the City of Philadelphia and the Philadelphia Municipal Authority, (iii) the issuance by the Philadelphia Municipal Authority of bonds in one or more series to pay the costs of the Project, (iv) the assignment of the amendment to such Lease to a trustee, and (v) the obligation of the City of Philadelphia to pay rent under the Lease, as amended, when due; authorizing the Commissioner of Public Property, on behalf of the City of Philadelphia, to enter into the amendment to such Lease with the Philadelphia Municipal Authority; authorizing the Director of Finance and other officers of the City of Philadelphia to take such other actions as may be necessary or appropriate to accomplish the intent and purpose of this Ordinance; agreeing to be bound by each and every provision, covenant and agreement set forth in the Lease, as amended; covenanting that the City of Philadelphia will make necessary appropriations in each of the City's fiscal years to provide for rental payments due under the Lease, as amended; covenanting that the City of Philadelphia will make rental payments due under the Lease, as amended; and authorizing and approving a New Lease between the City of Philadelphia and the Philadelphia Municipal Authority under certain circumstances; all under certain terms and conditions, accompanied by an explanatory letter from the City Treasurer.
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