PASSED

This enacted ordinance authorizes Philadelphia to continue issuing and selling up to $100 million in Gas Works revenue notes at any one time. The notes are secured by revenues from Philadelphia Gas Works and the ordinance sets rules for their repayment, interest, credit support, sinking fund, fiscal agent, and remedies if the City defaults; it also requires rates and charges sufficient to meet the related financial obligations.

Authorizing, generally, the continued issuance and sale by the City of Philadelphia of Gas Works Revenue Notes of the City, prescribing the forms of notes and providing for their execution and payment, pledging certain revenues of the Gas Works as security, adopting a rate covenant and directing the imposition and collection of rates and charges sufficient to comply therewith, prescribing the conditions precedent to the issue of specific series of notes, including a resolution passed by the Bond Committee providing for establishment of credit support for notes, providing for designation of a fiscal agent and sinking fund depositary, providing for establishment of a sinking fund and its management, providing remedies upon default, and providing for amendments and modifications.