READ AND PASSED

This enacted ordinance authorizes Philadelphia to issue up to $1.5 billion in general obligation bonds to refinance certain outstanding city bonds. It authorizes the Mayor, City Controller, and City Solicitor to sell the bonds and set their terms, and requires city revenues to support payments through the Sinking Fund Commission.

Authorizing the issuance from time to time of one or more series of general obligation bonds to provide funds to refund certain outstanding general obligation bonds of The City of Philadelphia; authorizing the Mayor, City Controller and City Solicitor or a majority of them to sell the bonds at public or private negotiated sale; setting forth the purposes for which the proceeds of the bonds will be expended; providing for the maturities and for other terms and conditions and for the form of the bonds; providing that bonds may be redeemable prior to maturity; providing sinking funds for the bonds and for appropriations to the Sinking Fund Commission for the payment thereof; authorizing agreements to provide credit enhancement or payment or liquidity sources for the bonds and certain other actions.