PASSED

The enacted ordinance authorizes Philadelphia to issue up to $75 million in Gas Works revenue bonds to refinance certain outstanding Gas Works bonds and pay related financing and project costs. It also permits credit enhancements and swap agreements, and requires repayment from pledged Gas Works revenues rather than the City’s general tax revenues or taxing power.

Constituting the Eighteenth 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, Eighteenth Series (1975 General Ordinance), of the City of Philadelphia, in one or more subseries (the "Eighteenth 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 Eighteenth Series Bonds for such purposes; authorizing the City of Philadelphia to obtain credit enhancement for the Eighteenth Series Bonds; authorizing the City of Philadelphia to enter into swap agreements or exchange agreements with respect to the Eighteenth Series Bonds; determining the sufficiency of Project Revenues; covenan...