PASSED

The enacted ordinance authorizes Philadelphia to issue up to $956.345 million in general obligation bonds to refinance certain outstanding bonds from 1994 through 2006. It allows the Mayor, City Controller, and City Solicitor, or a majority of them, to sell the bonds and requires the City to use tax and other general revenues to pay principal, interest, and related financial obligations.

Authorizing the issuance of one or more series of general obligation bonds to provide funds to refund certain outstanding general obligation bonds of the City of Philadelphia; authorizing the Mayor, City Controller and City Solicitor or a majority of them to sell the bonds at public or private negotiated sale; setting forth the purposes for which the proceeds of the bonds will be expended; providing for the maturities and for other terms and conditions and for the form of the bonds; providing that bonds may be redeemable prior to maturity; providing sinking funds for the bonds and for appropriations to the Sinking Fund Commission for the payment thereof; authorizing agreements to provide credit enhancement or payment or liquidity sources for the bonds, and agreements to manage interest costs and certain other actions.