READ AND PASSED

This bill, currently in Council on second reading, would authorize Philadelphia to borrow up to $581 million through general obligation bonds for capital projects and reimbursements. The funds would support transit; streets and sanitation; municipal buildings; parks, recreation and museums; and economic and community development. The City would use tax and other general revenues to repay the bonds and related obligations.

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.