PASSED

The enacted ordinance authorizes Philadelphia to issue up to $125 million in Gas Works revenue bonds to fund Gas Works capital projects, financing costs, and related obligations. It allows the City to use credit enhancement or financial agreements, and requires Gas Works revenues and bond proceeds to be kept separate from the City’s general accounts; the bonds would not be backed by the City’s taxing power.

Constituting the Fifth 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, Fourth Series (1998 Ordinance), of the City of Philadelphia, in one or more subseries (the "Fourth Series Bonds") to be issued to pay the cost of certain capital projects and other Project Costs, as hereinafter more particularly described, and authorizing the application of proceeds of the Fourth Series Bonds for such purposes; authorizing the City of Philadelphia to obtain credit enhancement for the Fourth Series Bonds; authorizing the City of Philadelphia to enter into Qualified Swap Agreements or Exchange Agreements with respect to the Fourth Series Bonds; determining the sufficiency of Gas Works Revenues; covenanting the separation of Gas Works revenue accounts and proceeds of the Fourth Series ...