READ AND PASSED

This enacted ordinance authorizes The Philadelphia Municipal Authority to issue up to $60 million in bonds to refinance debt connected to the New Youth Center Facility and related costs. It also approves changes to the ground and prime leases for the facility and requires the City to make rent payments from current revenues to cover the bonds and related expenses.

Authorizing the Commissioner of Public Property of The City of Philadelphia, on behalf of The City of Philadelphia and in cooperation with The Philadelphia Municipal Authority, to undertake a Project to promote the health, safety and welfare of the residents of The City of Philadelphia; authorizing and approving (i) a project including the refunding of bonds issued to refinance the New Youth Center Facility, (ii) one or more amendments to an existing Ground Lease, as previously amended, between The City of Philadelphia and The Philadelphia Municipal Authority, (iii) one or more amendments to an existing Prime Lease, as previously amended, between The City of Philadelphia and The Philadelphia Municipal Authority and the assignment of such amendments to a trustee and (iv) the obligation of The City of Philadelphia to pay rent under the Prime Lease, as amended, when due; approving the issuance by The Philadelphia Municipal Authority of bonds, in one or more series, from time to time, to p...