PASSED

This enacted ordinance updates Philadelphia’s airport revenue bond rules to match new or amended use-and-lease agreements with scheduled airlines. It changes how airport project revenues and operating expenses are defined and authorizes the City’s Bond Committee to pledge revenue from the Outside Terminal Area and include its costs as operating expenses, subject in some cases to airline consent.

Constituting the Seventh Supplemental Ordinance to the Amended and Restated General Airport Revenue Bond Ordinance; authorizing the Use and Lease Agreements, if any, with the Scheduled Airlines to provide for the use of the alternate definition of "Project Revenues" under the Amended and Restated General Airport Revenue Bond Ordinance; authorizing the Use and Lease Agreements, if any, with the Scheduled Airlines to provide for the alternate definition of "Operating Expenses" under the Amended and Restated General Airport Revenue Bond Ordinance; amending the Amended and Restated General Airport Revenue Bond Ordinance to make changes therein to conform to the new Airline-Airport Use and Lease Agreements, if any; electing under the Amended and Restated General Airport Revenue Bond Ordinance to provide for the use of the alternate definition of "Project Revenues"; electing under the Amended and Restated General Airport Revenue Bond Ordinance to provide for the use of the alternate definiti...