PASSED

The enacted ordinance authorizes Philadelphia to issue up to $450 million in Gas Works Revenue Bonds, Eighth Series, to refund or redeem certain outstanding Gas Works bonds, cover related financing and project costs, and potentially pay costs tied to existing interest-rate agreements. It also allows the City to arrange credit support and liquidity for the bonds and pledges Gas Works revenues for repayment, without pledging the City’s general tax revenues or taxing power.

Constituting the Ninth Supplemental Ordinance to the General Gas Works Revenue Bond Ordinance of 1998 (the "1998 General Ordinance"); authorizing the City to sell, either at public or private sale, Gas Works Revenue Bonds, Eighth Series, to pay the cost of refunding or redeeming certain outstanding Gas Works Revenue Bonds and other Project Costs; authorizing the City to obtain credit enhancement and liquidity for all or a portion of the Eighth Series Bonds; authorizing the City to enter into or amend one or more Qualified Swap Agreements or to relate all or a portion of an existing Qualified Swap Agreement to all or a portion of a different series of outstanding Gas Works Revenue Bonds; making certain determinations and covenants relating to Gas Works Revenues and payment of interest and principal; and authorizing covenants and actions in order that the Eighth Series Bonds shall not be arbitrage bonds; all under certain terms and conditions.