READ AND PASSED

This enacted ordinance authorizes the Philadelphia Municipal Authority to issue up to $110 million in bonds to refinance bonds used for the New Youth Center Facility and to cover related costs. It also approves changes to the leases between the City and the Authority and requires the City to budget and pay rent from current revenues to cover the bonds and related expenses.

Authorizing the Commissioner of Public Property of the City of Philadelphia, on behalf of the City of Philadelphia and in cooperation with the Philadelphia Municipal Authority, to undertake a Project to promote the health, safety and welfare of the residents of the City of Philadelphia; authorizing and approving (i) a project including the refunding of bonds issued to finance the New Youth Center Facility, (ii) an amendment to an existing Ground Lease between the City of Philadelphia and the Philadelphia Municipal Authority, (iii) an amendment to an existing Prime Lease between the City of Philadelphia and the Philadelphia Municipal Authority and the assignment of such amendment to a trustee and (iv) the obligation of the City of Philadelphia to pay rent under the Prime Lease, as amended, when due; approving the issuance by the Philadelphia Municipal Authority of bonds in one or more series to pay the costs of such project; authorizing certain officers of the City of Philadelphia to en...