READ AND PASSED

The enacted ordinance authorizes Philadelphia to continue issuing and selling Gas Works revenue notes, up to $150 million outstanding at one time, to finance or refinance Philadelphia Gas Works inventory, receivables, and related costs. The notes are secured only by Gas Works revenues, and the ordinance establishes requirements for rates and charges, repayment funds, financial agents, credit support, and remedies if payments or other obligations are not met.

Authorizing, generally, the continued issuance and sale by the City of Philadelphia of Gas Works Revenue Notes of the City, prescribing the forms of notes and providing for their execution and payment, pledging certain revenues of the Gas Works as security, adopting a rate covenant and directing the imposition and collection of rates and charges sufficient to comply therewith, prescribing the conditions precedent to the issuance of specific series of notes, including a resolution passed by the Bond Committee providing for establishment of credit support for notes, providing for designation of a fiscal agent and sinking fund depositary, providing for establishment of a sinking fund and its management, providing remedies upon default, and providing for amendments and modifications.