RECONSIDERED

This enacted ordinance authorized Philadelphia to enter into a lease with the Philadelphia Municipal Authority for the Philadelphia Industrial Correctional Center, the Criminal Justice Center, and the Curran-Fromhold Correctional Facility. It also authorized up to $255 million in Authority refunding bonds to refinance earlier bonds and required the City to budget and pay rent from current revenues to cover the bonds and related costs.

Authorizing the Commissioner of Public Property of the City of Philadelphia, on behalf of the City and in cooperation with the Philadelphia Municipal Authority, to undertake a Project to promote the health, safety and welfare of the residents of the City of Philadelphia; authorizing and approving (i) the Project, (ii) the entering into, execution and delivery of a Lease between the City of Philadelphia and the Philadelphia Municipal Authority, (iii) the issuance by the Philadelphia Municipal Authority of bonds in one or more series, to pay the costs of the Project, (iv) the assignment of the Lease by the Philadelphia Municipal Authority to a trustee, and (v) the obligation of the City of Philadelphia to pay rent under the Lease when due; authorizing the Commissioner of Public Property, on behalf of the City of Philadelphia, to enter into the Lease with the Philadelphia Municipal Authority; authorizing the Director of Finance and other officers of the City of Philadelphia to take such o...