READ AND PASSED

The enacted ordinance authorized Philadelphia to seek voter approval to borrow up to $155.965 million through general-obligation bonds for capital projects, including transit, streets and sanitation, municipal buildings, parks, recreation and museums, and economic and community development. It also provided for selling the bonds, making payments through the City’s sinking fund, arranging credit support, and holding a November 3, 2015 election on the proposed increase in City debt.

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.