READ AND PASSED

This enacted ordinance authorizes Philadelphia to issue and sell up to $240 million in water and wastewater revenue bonds, with fixed or variable interest rates and possible credit support or financial agreements. The bond proceeds may be used to refinance certain existing water and wastewater bonds, pay related costs, fund eligible projects and reserves, and cover issuance expenses; repayment is backed by pledged water and wastewater revenues rather than the City’s general tax revenues.

Constituting the Fifteenth 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; providing that such Bonds shall bear interest at prescribed fixed or variable rates; authorizing agreements to provide credit enhancement or payment or liquidity sources or swap payments (or any combination of the foregoing) 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.