READ AND PASSED

The enacted ordinance authorizes Philadelphia to issue up to $145 million in Gas Works revenue bonds, sold publicly or privately, to refinance or redeem certain existing Gas Works bonds and pay related financing, swap, reserve, and project costs. The bonds are backed by Gas Works revenues—not the City’s general tax revenues—and the ordinance sets rules for their repayment, credit support, and tax treatment.

Constituting the Eleventh Supplemental Ordinance to the General Gas Works Revenue Bond Ordinance of 1998 (the "1998 General Ordinance"); authorizing the City of Philadelphia (the "City") to sell, either at public or private sale, Gas Works Revenue Bonds, Tenth Series (the "Tenth Series Bonds") to pay the cost of refunding or redeeming certain outstanding Gas Works Revenue Bonds, any termination payment which may become due under a Qualified Swap Agreement in connection with the redemption or conversion of all or any portion of certain Gas Works Revenue Bonds and other Project Costs; authorizing the City to obtain credit enhancement for the Tenth Series Bonds; making certain determinations and covenants relating to Gas Works Revenues and the payment of interest and principal; and authorizing covenants and actions in order that the Tenth Series Bonds shall not be arbitrage bonds; all under certain terms and conditions.