City of Philadelphia - File #: 060005

• File #: 060005
• Version: 1
• Type: Bill
• Status: ENACTED
• File created: 1/24/2006
• In control: Committee on Finance
• Final action: 12/14/2006
• Title: Amending Section 4.09 of the Restated General Water and Wastewater Revenue Bond Ordinance of 1989 to authorize the Director of Finance to use funds currently held in the Debt Reserve Account established and maintained under the said General Ordinance to purchase appropriate surety bonds or insurance policies for deposit in the said Debt Reserve Account in lieu of current deposits; further, directing the Director of Finance to transfer all excess funds remaining in the said Debt Reserve Account after purchase of the said surety bonds or insurance policies to the Water and Wastewater Revenue Fund; and further, amending Section 4.12 of the said Restated General Water and Wastewater Revenue Bond Ordinance of 1989, entitled "Residual Fund", to establish a new sub-account into which shall be deposited all residual water and wastewater operating revenues resulting from the transfer of funds from the Debt Reserve Account to the Revenue Fund and thereafter to the Residual Fund, the entire balan...
• Sponsors: Council President Verna, Councilmember Blackwell
• Indexes: RESTATED GENERAL WATER AND WASTEWATER REVENUE BOND ORDINANCE

Date	Ver.	Action By	Action	Result	Tally
1/23/2007	1	MAYOR	SIGNED
12/14/2006	1	CITY COUNCIL	READ
12/14/2006	1	CITY COUNCIL	PASSED	Pass	17:0
12/7/2006	0	CITY COUNCIL	ORDERED PLACED ON THIS DAY`S FIRST READING CALENDAR
12/7/2006	1	CITY COUNCIL	SUSPEND THE RULES OF THE COUNCIL	Pass
12/7/2006	1	CITY COUNCIL	ORDERED PLACED ON NEXT WEEK`S SECOND READING CALENDAR
11/30/2006	0	Committee on Finance	HEARING HELD
11/30/2006	0	Committee on Finance	AMENDED
11/30/2006	1	Committee on Finance	REPORTED FAVORABLY, RULE SUSPENSION REQUESTED
11/14/2006	0	Committee on Finance	RECESSED
10/30/2006	0	Committee on Finance	HEARING NOTICES SENT
10/30/2006	0	Committee on Finance	HEARING HELD
10/30/2006	0	Committee on Finance	RECESSED
1/24/2006	0	CITY COUNCIL	Re-Referred
1/24/2006	0	CITY COUNCIL	Introduced	Pass

Title
Amending Section 4.09 of the Restated General Water and Wastewater Revenue Bond Ordinance of 1989 to authorize the Director of Finance to use funds currently held in the Debt Reserve Account established and maintained under the said General Ordinance to purchase appropriate surety bonds or insurance policies for deposit in the said Debt Reserve Account in lieu of current deposits; further, directing the Director of Finance to transfer all excess funds remaining in the said Debt Reserve Account after purchase of the said surety bonds or insurance policies to the Water and Wastewater Revenue Fund; and further, amending Section 4.12 of the said Restated General Water and Wastewater Revenue Bond Ordinance of 1989, entitled "Residual Fund", to establish a new sub-account into which shall be deposited all residual water and wastewater operating revenues resulting from the transfer of funds from the Debt Reserve Account to the Revenue Fund and thereafter to the Residual Fund, the entire balance of the said new Residual Fund sub-account to be used to finance water related infrastructure projects.
Body
WHEREAS, the First Class City Revenue Bond Act of 1972, 53P.S.Section 15901 et seq. (the "Revenue Bond Act") authorizes the issuance of revenue bonds by the City of Philadelphia; and

WHEREAS, by Ordinance approved by the Mayor on June 24, 1993, the City adopted the Restated General Water and Wastewater Revenue Bond Ordinance of 1989 (the "General Ordinance") authorizing the issuance of water and wastewater revenue bonds of the City of Philadelphia under certain term and conditions, including the establishment and maintenance of a "Debt Reserve Account"; and

WHEREAS, funds are currently on deposit in the Debt Reserve Account and are being held therein, pursuant to the General Ordinance, as a reserve for payment of certain obligations in the event of an insufficiency of funds available for that purpose in the Debt Service Account; and

WHEREAS, the General O...