READ AND PASSED

The enacted ordinance authorizes Philadelphia to issue and sell up to $19 million in Gas Works Revenue Bonds, using the proceeds mainly to refinance or redeem certain outstanding Gas Works bonds and pay related costs. The bonds are backed by Gas Works revenues rather than the City's taxing power or general tax revenues, and the ordinance sets rules for their repayment, possible credit enhancement, and sale.

Constituting the Twentieth Supplemental Ordinance to the General Gas Works Revenue Bond Ordinance of 1975 (the "1975 General Ordinance"); authorizing the City of Philadelphia (the "City") to sell, either at public or private sale, Gas Works Revenue Bonds, Twentieth Series (the "Twentieth Series Bonds") to pay the cost of refunding or redeeming certain outstanding Gas Works Revenue Bonds and other Project Costs; authorizing the City to obtain credit enhancement for the Twentieth Series Bonds; making certain determinations and covenants relating to Project Revenues and the payment of interest and principal; and authorizing covenants and actions in order that the Twentieth Series Bonds shall not be arbitrage bonds; all under certain terms and conditions.