PASSED

This enacted ordinance authorized Philadelphia and the Philadelphia Authority for Industrial Development to refinance part of the City Retirement System’s pension debt. It authorized up to $275 million in variable-rate bonds to repurchase certain option rights, refund the 1999C pension bonds, and cover related costs, while requiring the City to make the associated payments under a supplemental agreement.

Authorizing the City of Philadelphia (the "City") in cooperation with the Philadelphia Authority for Industrial Development (the "Authority"), to undertake a Project to promote the health, safety and welfare of the residents of the City of Philadelphia; supplementing the Ordinance (Bill No. 980789) which established an Alternative Funding Mechanism to achieve savings in the schedule of payments required to amortize the unfunded actuarial accrued liability of the City Retirement System; authorizing and approving (i) the Project, (ii) the entering into, execution and delivery by the Director of Finance of a First Supplemental Service Agreement between the City of Philadelphia and the Authority, (iii) the issuance by the Authority of variable rate bonds in one or more series in an aggregate amount of net proceeds not to exceed $275,000,000, to pay the costs of the Project, (iv) the use of certain prior proceeds to pay costs of the Project, (v) the assignment of the First Supplemental Serv...