City of Philadelphia - File #: 140512

• File #: 140512
• Version: 1
• Type: Bill
• Status: ENACTED
• File created: 6/5/2014
• In control: Committee on Finance
• Final action: 6/19/2014
• Title: Authorizing and approving the execution and delivery of a Service Agreement between the City of Philadelphia and the Philadelphia Authority for Industrial Development relating to the financing of additional operating funds for the School District of Philadelphia, approving the issuance by the Philadelphia Authority for Industrial Development of bonds, notes or other evidences of indebtedness in one or more series, to finance such additional operating funds; 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 bonds, notes or other evidences of indebtedness; covenanting that the City of Philadelphia will make necessary appropriations in each of the City's fiscal years to provide for the Service Fee and other amounts due under the Service Agreement; covenanting that the City of Philadelphia will make...
• Sponsors: Councilmember Tasco
• Indexes: PAID, SCHOOL DISTRICT OF PHILADELPHIA

Date	Ver.	Action By	Action	Result	Tally
6/19/2014	1	CITY COUNCIL	PASSED	Pass	16:0
6/19/2014	1	MAYOR	SIGNED
6/12/2014	1	CITY COUNCIL	ORDERED PLACED ON THIS DAY`S FIRST READING CALENDAR
6/12/2014	1	CITY COUNCIL	SUSPEND THE RULES OF THE COUNCIL	Pass
6/12/2014	1	CITY COUNCIL	ORDERED PLACED ON NEXT WEEK`S SECOND READING CALENDAR
6/11/2014	0	Committee on Finance	HEARING NOTICES SENT
6/11/2014	0	Committee on Finance	HEARING HELD
6/11/2014	0	Committee on Finance	AMENDED
6/11/2014	1	Committee on Finance	REPORTED FAVORABLY, RULE SUSPENSION REQUESTED
6/5/2014	0	CITY COUNCIL	Introduced and Referred	Pass

Title
Authorizing and approving the execution and delivery of a Service Agreement between the City of Philadelphia and the Philadelphia Authority for Industrial Development relating to the financing of additional operating funds for the School District of Philadelphia, approving the issuance by the Philadelphia Authority for Industrial Development of bonds, notes or other evidences of indebtedness in one or more series, to finance such additional operating funds; 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 bonds, notes or other evidences of indebtedness; covenanting that the City of Philadelphia will make necessary appropriations in each of the City's fiscal years to provide for the Service Fee and other amounts due under the Service Agreement; covenanting that the City of Philadelphia will make timely payments of the Service Fee and other amounts due under the Service Agreement; and authorizing City officials to take necessary or appropriate actions, all under certain terms and conditions.

Body
WHEREAS, The City of Philadelphia (the "City") and the Philadelphia Authority for Industrial Development ("PAID") have determined that PAID will, at the direction, and with the cooperation, of the City, undertake the financing of a project consisting of providing additional operating funds to the School District of Philadelphia (the "School District"); and

WHEREAS, The Council of the City has, by this Ordinance, determined that it is in the best interests of the City to: (i) authorize and approve the execution and delivery of a Service Agreement (the "Service Agreement") by and between the City and PAID; (ii) approve the issuance by PAID of bonds, notes or other evidences of indebtedness in such amount and for such purposes as described in Section 1 herein in one or ...