PASSED

The enacted ordinance authorized Philadelphia to issue up to $65.525 million in general-obligation bonds, subject to voter approval, for capital projects involving transit, streets and sanitation, municipal buildings, parks, recreation and museums, and economic and community development. It also required payments from City revenues into a sinking fund for the bonds and allowed agreements for credit support and interest-rate swaps; the required public election was set for November 3, 2009.

Authorizing the Bond Committee to sell bonds at public or private negotiated sale, to provide funds toward various capital municipal purposes; providing for appropriations to the Sinking Fund Commission for the payment of such bonds; authorizing agreements to provide credit or payment or liquidity sources for the bonds and interest rate swaps in connection with issuance of the bonds, and certain other actions; providing for obtaining the consent of the electors to increasing the indebtedness of the City; and fixing a day and providing for arrangements for holding the election for obtaining such consent.