PASSED

This enacted ordinance authorizes Philadelphia to issue up to $460 million in water and wastewater revenue bonds, with fixed or variable interest rates and public or private sales. The proceeds may be used to refinance or redeem the city’s 2003 water and wastewater bonds, terminate related swap agreements, pay project and issuance costs, and fund required reserves; repayment is backed by water and wastewater revenues rather than the City’s taxes or general revenues.

Constituting the Thirteenth 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 approval of the form of such Bonds; providing that such Bonds shall bear interest at prescribed fixed or variable rates, and 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.