READ AND PASSED

This enacted ordinance authorizes Philadelphia to issue up to $550 million in water and wastewater revenue bonds, which may be taxable or tax-exempt and carry fixed or variable interest rates. The bond proceeds may fund water, wastewater, and stormwater infrastructure, treatment plants, pipes, equipment, vehicles, and related project and issuance costs; repayment will come from pledged water and wastewater revenues rather than the City's general taxes or revenues.

Constituting the Seventeenth Supplemental Ordinance to the Restated General Water and Wastewater Revenue Bond Ordinance of 1989, as supplemented; authorizing the Bond Committee to issue and sell one or more series or subseries of tax-exempt or taxable water and wastewater revenue bonds; authorizing agreements to provide credit enhancement or payment or liquidity sources (or any combination of the foregoing) for such Bonds; providing that such Bonds shall bear interest at fixed or variable rates; determining the sufficiency of pledged Project Revenues; authorizing the Director of Finance to take certain actions with regard to the sale of such Bonds, the investment of proceeds thereof and the City's continuing disclosure obligations with respect to such Bonds; setting forth the use of proceeds of such Bonds; covenanting the payment of interest and principal; and supplementing the Restated General Water and Wastewater Revenue Bond Ordinance of 1989.