READ AND PASSED

This enacted ordinance authorizes Philadelphia to issue up to $172 million in general-obligation bonds for capital projects involving transit, streets and sanitation, municipal buildings, parks, recreation and museums, and economic and community development. It provides for repayment through the City’s sinking fund and required an election for voter consent to increase the City’s debt; the source text does not state the election’s result.

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.