READ AND PASSED

This enacted ordinance authorizes Philadelphia to issue up to $300 million in Gas Works revenue bonds, including bonds used to refinance existing bonds or redeem commercial paper. The bond proceeds may fund Gas Works capital projects and related costs, while repayment would come from pledged Gas Works revenues rather than the City’s general tax revenues.

Constituting the Sixteenth Supplemental Ordinance to the General Gas Works Revenue Bond Ordinance of 1998 (the "1998 General Ordinance"); authorizing the City of Philadelphia, Pennsylvania (the "City") to sell, either at public or private sale, one or more series of Gas Works Revenue Bonds and Gas Works Revenue Bonds to refund such Bonds (the "Bonds"); to pay the costs of certain capital projects and other Project Costs and the costs of redeeming the City's Gas Works Revenue Capital Project Commercial Paper Notes; authorizing the City to amend, novate or terminate all or any portion of any Qualified Swap Agreement; authorizing the City to obtain credit enhancement for any Series of the Bonds; making certain determinations and covenants relating to Gas Works Revenues and the payment of interest and principal; and authorizing covenants and actions in order that the Bonds shall not be arbitrage bonds; all under certain terms and conditions.