READ AND PASSED

The enacted ordinance authorized Philadelphia’s Bond Committee to issue up to $123.67 million in general-obligation bonds for capital purposes, including transit, streets and sanitation, municipal buildings, parks and museums, and economic and community development. The borrowing was subject to voter approval in a November 6, 2012 election, and the ordinance required the City to make payments for the bonds through its sinking fund and general revenues.

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.