READ AND PASSED

This enacted ordinance authorizes Philadelphia to issue up to $400 million in tax-exempt or taxable water and wastewater revenue bonds, including short-term commercial paper, and to use credit or liquidity agreements related to those obligations. The proceeds may fund water, wastewater, stormwater, and related system capital projects, repay earlier obligations, establish reserves, and pay issuance costs; repayment is secured by pledged water and wastewater system revenues rather than the City’s taxing power.

Constituting the Twenty-Fifth Supplemental Ordinance to the Restated General Water and Wastewater Revenue Bond Ordinance of 1989, as supplemented; authorizing the Bond Committee to issue and sell one or more series or subseries of tax-exempt or taxable water and wastewater revenue bonds and revenue refunding bonds, some or all of which may be used for the implementation of a revolving commercial paper program for the System; authorizing agreements to provide credit enhancement or payment or liquidity sources (or any combination of the foregoing) for such Obligations; providing that such Obligations shall bear interest at fixed or variable rates; authorizing the Bond Committee to take certain action with regard to the terms and conditions of the water and wastewater revenue bonds or notes and related agreements and the elections under the Restated General Water and Wastewater Revenue Bond Ordinance of 1989; determining the sufficiency of pledged Project Revenues; authorizing the Directo...