Title
Amending an ordinance approved by the Mayor on October 11, 2000 (Bill No. 000535), authorizing a loan in the amount of $162,135,000 subject to the approval of the electors at the November 7, 2000 election, to reduce the total amount of the loan authorized by said ordinance to $120,935,000.
Body
WHEREAS, By Ordinance approved by the Mayor on October 11, 2000 (Bill No. 000535), the Council authorized the creation of a loan or loans in an amount up to $162,135,000 subject to the approval of the electors, which approval was duly given at the election held November 7, 2000; and
WHEREAS, Bill No. 000535 allocated the sum of $93,649,000 out of the proceeds of the loans created pursuant to its authorization to projects included within the category identified as "Municipal Buildings," intending to provide up to $41,200,000 of general obligation loan authorization and proceeds for repairs to Veterans Stadium; and
WHEREAS, The Council has approved ordinances permitting repairs to Veterans Stadium to be financed through the Philadelphia Authority for Industrial Development instead of through City general obligation borrowing; and
WHEREAS, The Council now desires to reduce the amount of loans authorized by Bill No. 000535, and the amount allocated therein to "Municipal Buildings," by the amount of $41,200,000; now, therefore
THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS:
SECTION 1. The Council hereby amends Section 1 of Bill No. 000535 to reduce the total sum or sums which in the aggregate may be borrowed by FORTY-ONE MILLION TWO HUNDRED THOUSAND DOLLARS ($41,200,000.00) and to that end, the stated amount of ONE HUNDRED SIXTY-TWO MILLION ONE HUNDRED THIRTY-FIVE THOUSAND DOLLARS ($162,135,000.00) is deleted from Section 1 and the amount of ONE HUNDRED TWENTY MILLION NINE HUNDRED THIRTY-FIVE THOUSAND DOLLARS ($120,935,000.00) is inserted in its place.
SECTION 2. The Council hereby amends Section 2 of Bill No. 000535 to reduce by $41...
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