READ AND PASSED

The enacted ordinance authorizes Philadelphia and the Philadelphia Authority for Industrial Development to arrange financing to repay a $230 million deferred contribution to the City’s pension system. It permits the authority to issue up to $231.5 million in bonds or other debt, with terms of up to seven years, and requires the City to budget and pay the related service fees and other costs from current revenues.

Authorizing and approving (i) the execution and delivery of a Service Agreement between the City of Philadelphia and the Philadelphia Authority for Industrial Development relating to the financing of the repayment of a certain deferred funding obligation, (ii) the issuance by the Philadelphia Authority for Industrial Development of bonds, notes or other evidences of indebtedness in one or more series, to finance repayment of such deferred funding obligation; and (iii) the obligation of the City of Philadelphia to pay in full when due the Service Fee and other amounts payable under the Service Agreement; authorizing certain City officers to take certain actions required to issue bonds, notes or other evidences of indebtedness; covenanting that the City of Philadelphia will make necessary appropriations in each of the City's fiscal years to provide for the Service Fee and other amounts due under the Service Agreement; and covenanting that the City of Philadelphia will make timely payment...