PASSED

This enacted ordinance authorizes Philadelphia to issue up to $200 million in new Gas Works revenue bonds to refinance or redeem certain outstanding Gas Works bonds and pay related financing and project costs. It allows the City to sell the bonds publicly or privately and use credit enhancements or financial agreements; repayment would come from pledged Gas Works revenues rather than the City’s tax or general revenues.

Constituting the Seventeenth Supplemental Ordinance to the General Gas Works Revenue Bond Ordinance of 1975 (the "1975 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, Seventeenth Series (1975 General Ordinance), of the City of Philadelphia, in one or more subseries (the "Seventeenth Series Bonds") to be issued to pay the cost of refunding or redeeming all or a portion of certain outstanding Gas Works Revenue Bonds and other Project Costs, as hereinafter more particularly described, and authorizing the application of proceeds of the Seventeenth Series Bonds for such purposes; authorizing the City of Philadelphia to obtain credit enhancement for the Seventeenth Series Bonds; authorizing the City of Philadelphia to enter into swap agreements or exchange agreements with respect to the Seventeenth Series Bonds; determining the sufficiency of Project Revenues; co...