READ AND PASSED

This enacted ordinance authorizes Philadelphia to issue up to $450 million in water and wastewater revenue bonds, sold publicly or privately, with fixed or variable interest rates and possible credit or liquidity arrangements. Bond proceeds may fund water, wastewater, and stormwater treatment facilities, pipes, pumping stations, equipment, vehicles, related improvements, reserves, and bond-issuance costs; the bonds would be repaid from pledged water and wastewater system revenues rather than the City's general tax revenues.

Constituting the Fourteenth 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, all under certain terms and conditions.