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Back to search resultsCOMMUNICATION 150187

Transmitting a bill constituting the Twenty-First Supplemental Ordinance to the General Gas Works Revenue Bond Ordinance of 1975 (the "1975 General Ordinance"); authorizing the City of Philadelphia (the "City") to sell, either at public or private sale, Gas Works Revenue Bonds (1975 General Ordinance), of the City of Philadelphia, in one or more series or subseries (the "Bonds") to be issued to pay the cost of refunding or redeeming all or a portion of all of the outstanding Gas Works Revenue Bonds and other Project Costs, as hereinafter more particularly described; authorizing the City of Philadelphia to obtain credit enhancement for the Bonds; making certain determinations relating to Project Revenues and the payment of interest and principal; authorizing certain amendments to the 1975 General Ordinance that will take effect at such time that all of the Bonds currently outstanding under the 1975 General Ordinance are redeemed or defeased; and authorizing covenants and actions in orde...

AI summary

This communication transmitted a proposed bill concerning a supplemental ordinance for Philadelphia Gas Works revenue bonds issued under the 1975 ordinance. The proposal would address refinancing or redeeming outstanding bonds, possible credit enhancement, repayment of principal and interest, and related changes to the bond ordinance; the item was placed on file and did not itself enact these measures.

File details

Status
PLACED ON FILE
Introduced
March 5, 2015
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Full text

Title

Transmitting a bill constituting the Twenty-First Supplemental Ordinance to the General Gas Works Revenue Bond Ordinance of 1975 (the “1975 General Ordinance”); authorizing the City of Philadelphia (the “City”) to sell, either at public or private sale, Gas Works Revenue Bonds (1975 General Ordinance), of the City of Philadelphia, in one or more series or subseries (the “Bonds”) to be issued to pay the cost of refunding or redeeming all or a portion of all of the outstanding Gas Works Revenue Bonds and other Project Costs, as hereinafter more particularly described; authorizing the City of Philadelphia to obtain credit enhancement for the Bonds; making certain determinations relating to Project Revenues and the payment of interest and principal; authorizing certain amendments to the 1975 General Ordinance that will take effect at such time that all of the Bonds currently outstanding under the 1975 General Ordinance are redeemed or defeased; and authorizing covenants and actions in order that the Bonds shall not be arbitrage bonds; all under certain terms and conditions.

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969211.4 3/16/15

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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