PASSED

This enacted ordinance authorizes Philadelphia to issue up to $150 million in Gas Works revenue bonds for capital projects and up to $18 million to refinance or redeem certain existing Gas Works bonds, along with related financing costs. The bonds are backed by Gas Works revenues and do not pledge the City’s taxing power or general tax revenues; the ordinance also sets rules for managing the bond proceeds and repaying the bonds.

Constituting the Sixth 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, Fifth Series (1998 Ordinance), of the City of Philadelphia, in one or more subseries (the "Fifth Series Bonds") to be issued to pay the cost of certain capital projects, 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 Fifth Series Bonds for such purpose; authorizing the City to obtain credit enhancement for the Fifth Series Bonds; authorizing the City of Philadelphia to enter into Qualified Swap Agreements or Exchange Agreements with respect to the Fifth Series Bonds; determining the sufficiency of Gas Works Revenues; covenanting t...