PASSED

The enacted ordinance authorizes Philadelphia to issue up to $180 million in Gas Works revenue bonds. The proceeds may fund Philadelphia Gas Works capital projects, repay or refinance certain existing Gas Works bonds and project obligations, and cover related financing costs. The bonds would be repaid from Gas Works revenues and would not be backed by the City’s general revenues or taxing power.

Constituting the Fourth Supplemental Ordinance to the General Gas Works Revenue Bond Ordinance of 1998 (the "1998 General Ordinance"); authorizing the Mayor, the City Controller and the City Solicitor, or a majority of them, to sell, either at public or private sale, Gas Works Revenue Bonds, Third Series (1998 Ordinance), of the City of Philadelphia, in one or more subseries (the "Third Series Bonds") to be issued to pay (i) the cost of certain capital projects as hereinafter more particularly described, and (ii) the cost of refunding or redeeming all or a portion of certain outstanding Gas Works revenue bonds; and authorizing the application of proceeds of the Third Series Bonds for such purposes; authorizing the City to obtain credit enhancement for the Third Series Bonds; determining the sufficiency of Gas Works Revenues; covenanting the separation of Gas Works revenue accounts and proceeds of the Third Series Bonds from general accounts of the City; covenanting the payment of inter...