PASSED

This enacted ordinance authorizes Philadelphia to issue up to $480 million in water and wastewater revenue refunding bonds to refinance certain outstanding 1993 and 1995 water and wastewater bonds and pay related financing costs. It allows the City to set the bonds’ interest rates and sale terms, use credit or liquidity agreements and interest-rate swaps, and repay the bonds from pledged water and wastewater system revenues rather than City tax revenues.

Constituting the Ninth Supplemental Ordinance to the Restated General Water and Wastewater Revenue Bond Ordinance of 1989, as supplemented; authorizing the Bond Committee, or a majority of them, to issue and sell, from time to time, either at public or private sale in one or more series or subseries, Water and Wastewater Revenue Refunding Bonds of the City of Philadelphia; 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 (or any combination of the foregoing) for the Bonds and certain outstanding 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 Refunding Bonds, the investment of proceeds thereof and the City's continuing dis...