PASSED

The enacted ordinance authorizes Philadelphia to continue issuing up to $150 million in Gas Works revenue notes at one time to finance or refinance Philadelphia Gas Works inventory and customer receivables. The notes are payable from Gas Works revenues rather than the City’s general funds, and the ordinance sets requirements for rates and charges, revenue pledges, credit support, sinking funds, fiscal agents, and remedies if payments are missed.

Authorizing, generally, the continued issuance and sale by the City of Philadelphia of Gas Works Revenue Notes of the City, prescribing the forms of notes and providing for their execution and payment, pledging certain revenues of the Gas Works as security, adopting a rate covenant and directing the imposition and collection of rates and charges sufficient to comply therewith, prescribing the conditions precedent to the issuance of specific series of notes, including a resolution passed by the Bond Committee providing for establishment of credit support for notes, providing for designation of a fiscal agent and sinking fund depositary, providing for establishment of a sinking fund and its management, providing remedies upon default, and providing for amendments and modifications.