PASSED

The enacted bill authorizes Philadelphia to issue general obligation bonds to refinance certain outstanding city bonds. It allows the Mayor, City Controller, and City Solicitor to arrange the bond sales and requires city revenues to support a sinking fund for repaying the bonds and interest.

Authorizing the issuance of one or more series of general obligation bonds to provide funds to refund certain outstanding general obligation bonds of the City of Philadelphia; authorizing the Mayor, City Controller and City Solicitor or a majority of them to sell the bonds at public or private negotiated sale; setting forth the purposes for which the proceeds of the bonds will be expended; providing for the maturities and for other terms and conditions and for the form of the bonds; providing that bonds may be redeemable prior to maturity; providing sinking funds for the bonds and for appropriations to the Sinking Fund Commission for the payment thereof; authorizing agreements to provide credit enhancement or payment or liquidity sources for the bonds and certain other actions.