READ AND PASSED

The enacted ordinance authorized Philadelphia to borrow up to $111.295 million through general-obligation bonds, subject to voter approval, for transit; streets and sanitation; municipal buildings; parks, recreation and museums; and economic and community development. It authorized the Bond Committee to arrange the bond sales and required city revenues to be set aside through the Sinking Fund Commission to repay the bonds and related financing obligations.

Authorizing the Bond Committee to sell bonds at public or private negotiated sale, to provide funds toward various capital municipal purposes; providing for appropriations to the Sinking Fund Commission for the payment of such bonds; authorizing agreements to provide credit or payment or liquidity sources for the bonds in connection with issuance of the bonds, and certain other actions; providing for obtaining the consent of the electors to increasing the indebtedness of the City; and fixing a day and providing for arrangements for holding the election for obtaining such consent.