PASSED

This enacted ordinance authorized Philadelphia to issue up to $225 million in general obligation bonds to refund some of the City’s outstanding 2003B general obligation bonds. It authorized designated City officials to sell the bonds, set their terms, create a sinking fund for repayment from City revenues, and enter into agreements related to credit, liquidity, and managing interest costs.

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.