READ AND PASSED

The enacted ordinance authorizes Philadelphia to borrow up to $342 million through general-obligation bonds for capital projects, including transit, streets and sanitation, municipal buildings, parks, recreation and museums, and economic and community development. It allows the city’s Bond Committee to sell the bonds and requires future city revenues to cover their principal and interest payments through the Sinking Fund Commission.

Authorizing an increase in the non-electoral indebtedness of the City within the Pennsylvania constitutional limit; 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; and authorizing agreements to provide credit or payment or liquidity sources for the bonds in connection with issuance of the bonds, and certain other actions.