PASSED

This enacted ordinance authorizes Philadelphia to continue issuing Gas Works revenue notes, up to $150 million outstanding at one time, to finance or refinance Philadelphia Gas Works inventory and customer receivables. The notes are to be repaid from Gas Works revenues rather than the City’s general taxes, with those revenues pledged as security; the ordinance also requires rates and charges sufficient to meet the payments and establishes rules for a sinking fund, fiscal agent, credit support, defaults, and amendments.

Authorizing, generally, the continued issuance and sale by the City of Philadelphia of Gas Works Revenue Notes of the City, prescribing the forms of notes and providing for their execution and payment, pledging certain revenues of the Gas Works as security, adopting a rate covenant and directing the imposition and collection of rates and charges sufficient to comply therewith, prescribing the conditions precedent to the issuance of specific series of notes, including a resolution passed by the Bond Committee providing for establishment of credit support for notes, providing for designation of a fiscal agent and sinking fund depositary, providing for establishment of a sinking fund and its management, providing remedies upon default, and providing for amendments and modifications.