PASSED

The enacted ordinance authorizes Philadelphia to issue up to $500 million in water and wastewater revenue bonds, sold publicly or privately and carrying fixed or variable interest rates. Up to $250 million may be used to refinance existing bonds, while up to another $250 million may fund water and sewer facilities, pipes, equipment, vehicles, related financing costs, and bond issuance costs; repayment is backed by water and wastewater system revenues rather than the City’s taxing power.

Constituting the Seventh Supplemental Ordinance to the Restated General Water and Wastewater Revenue Bond Ordinance of 1989, as amended and supplemented; authorizing the Bond Committee, or a majority of them, to issue and sell either at public or private sale in one or more series or subseries, Water and Wastewater Revenue Bonds of the City of Philadelphia (the "City"); authorizing approval of the form or forms of Bonds; providing that the Bonds shall bear interest at a prescribed fixed rate or rates or at variable rates which may be payable in different modes, and authorizing agreements to provide credit enhancement or payment or liquidity sources or swap payments for the Bonds and certain other actions; authorizing the Director of Finance of the City to take certain actions with regard to the sale of such Water and Wastewater Revenue Bonds, the investment of proceeds thereof and the City's continuing disclosure obligation; setting forth the use of proceeds and providing for the appli...