PASSED

This enacted ordinance authorized Philadelphia to issue up to $350 million in water and wastewater revenue bonds, sold publicly or privately, to fund projects such as water and wastewater treatment facilities, pipes, pumping stations, equipment, vehicles, and related costs. The bonds are to be repaid from water and wastewater system revenues rather than the City's general tax revenues, and the ordinance authorizes related financial agreements and City actions for issuing and managing the bonds.

Constituting the Twelfth Supplemental Ordinance to the Restated General Water and Wastewater Revenue Bond Ordinance of 1989, as supplemented; authorizing the Bond Committee to issue and sell either at public or private sale, Water and Wastewater Revenue Bonds; authorizing agreements to provide credit enhancement and payment and liquidity sources for such Bonds; authorizing the Director of Finance to take certain actions with regard to the sale of such Bonds, the investment of proceeds thereof and the City's continuing disclosure obligation; setting forth the use of proceeds; covenanting the payment of interest and principal; and supplementing the Restated General Water and Wastewater Revenue Bond Ordinance of 1989, all under certain terms and conditions.