READ AND PASSED

This enacted ordinance authorizes Philadelphia to issue up to $300 million in Water and Wastewater Revenue Bonds, through public or private sale, with fixed or variable interest rates. The bond proceeds may be used to refinance existing water and wastewater bonds, pay project and issuance costs, fund reserves, and cover related financial agreements; repayment will come from pledged water and wastewater revenues rather than the City's taxing power.

Constituting the Nineteenth Supplemental Ordinance to the Restated General Water and Wastewater Revenue Bond Ordinance of 1989, as supplemented; authorizing the Bond Committee to issue and sell either at public or private sale Water and Wastewater Revenue Bonds; providing that such Bonds shall bear interest at prescribed fixed or variable rates; authorizing agreements to provide credit enhancement or payment or liquidity sources or swap payments (or any combination of the foregoing) for such Bonds; 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.