READ AND PASSED

This enacted ordinance authorizes Philadelphia to enter into a service agreement with the Philadelphia Municipal Authority and allows the Authority to issue up to $225 million in bonds or other debt to finance or refinance the acquisition of 400 North Broad Street and 1501 Callowhill Street, which the City subleases for use as police headquarters and other purposes. It requires the City to budget and pay the related service fees and other costs beginning in fiscal year 2027 and authorizes City officials to carry out the financing.

Authorizing and approving the execution and delivery of a Service Agreement between The City of Philadelphia and The Philadelphia Municipal Authority relating to the financing of the acquisition of 400 North Broad Street and 1501 Callowhill Street (together with certain ancillary property rights), which premises the City has sub-leased for use as the City's police headquarters and certain other uses; approving the issuance by the Authority of bonds, notes or other evidences of indebtedness (including reimbursement obligations related to lines or letters of credit) in one or more series to finance or refinance such acquisition costs and authorizing and approving the obligation of The City of Philadelphia to pay in full when due the Service Fee and other amounts payable under the Service Agreement; authorizing certain City officers to take certain actions required to issue such bonds, notes or other evidences of indebtedness; covenanting that The City of Philadelphia will make necessary ...