PASSED

This enacted ordinance authorized Philadelphia to issue up to $150 million in Gas Works revenue bonds to fund capital projects, financing costs, reserve deposits, and other project expenses. It also authorized credit facilities and set rules for repayment from Gas Works revenues, without pledging the City’s taxing power or general tax revenues.

Constituting the Tenth 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, Ninth Series, to pay the costs of certain capital projects and other Project Costs; authorizing the City to obtain Credit Facilities for the Ninth Series Bonds; making certain determinations and covenants relating to Gas Works Revenues and the payment of interest and principal; and authorizing covenants and actions in order that the Ninth Series Bonds shall not be arbitrage bonds; all under certain terms and conditions.