READ AND PASSED

This bill increases the amount of money that can be borrowed by the Philadelphia International Airport from $350 million to $500 million for airport improvements. The borrowed money will be paid back using airport revenue and passenger facility charges. This change affects the airport's ability to fund its projects.

Amending the Seventeenth Supplemental Ordinance to the Amended and Restated General Airport Revenue Bond Ordinance (Bill No. 190432) of the Council of The City of Philadelphia, approved by the Mayor on June 26, 2019, to authorize an increase in the aggregate principal amount of Airport Revenue bonds or notes to be issued under the Seventeenth Supplemental Ordinance from Three Hundred Fifty Million Dollars ($350,000,000) to Five Hundred Million Dollars ($500,000,000) (exclusive of costs of issuance (including underwriters' discount), original issue discount, capitalized interest, funding of deposits to the Sinking Fund Reserve Account, if necessary, and similar items); further amending said Ordinance (Bill No. 190432) to authorize the pledge for the security and payment of some or all of the Obligations a lien and security interest in Passenger Facility Charges, to the extent available; and authorizing certain other actions.