City of Philadelphia - File #: 140715

• File #: 140715
• Version: 0
• Type: Bill
• Status: ENACTED
• File created: 9/25/2014
• In control: Committee on Finance
• Final action: 10/9/2014
• Title: Authorizing and approving the modification of a Service Agreement between the City of Philadelphia and the Philadelphia Authority for Industrial Development relating to the refinancing of certain bonds, approving the issuance by the Philadelphia Authority for Industrial Development of bonds, notes or other evidences of indebtedness in one or more series, or in a combined series with certain other authorized indebtedness, to refinance certain bonds; 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, as modified; 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, as modified; covenanting that the City of Phila...
• Sponsors: Council President Clarke, Councilmember Blackwell
• Indexes: AGREEMENTS, PAID

Date	Ver.	Action By	Action	Result	Tally
10/14/2014	0	MAYOR	SIGNED
10/9/2014	0	CITY COUNCIL	READ AND PASSED	Pass	15:0
10/2/2014	0	CITY COUNCIL	ORDERED PLACED ON THIS DAY`S FIRST READING CALENDAR
10/2/2014	0	CITY COUNCIL	SUSPEND THE RULES OF THE COUNCIL	Pass
10/2/2014	0	CITY COUNCIL	READ AND ORDERED PLACED ON NEXT WEEK'S SECOND READING CALENDAR
10/1/2014	0	Committee on Finance	HEARING NOTICES SENT
10/1/2014	0	Committee on Finance	HEARING HELD
10/1/2014	0	Committee on Finance	REPORTED FAVORABLY, RULE SUSPENSION REQUESTED
9/25/2014	0	CITY COUNCIL	Introduced and Referred	Pass

Title
Authorizing and approving the modification of a Service Agreement between the City of Philadelphia and the Philadelphia Authority for Industrial Development relating to the refinancing of certain bonds, approving the issuance by the Philadelphia Authority for Industrial Development of bonds, notes or other evidences of indebtedness in one or more series, or in a combined series with certain other authorized indebtedness, to refinance certain bonds; 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, as modified; 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, as modified; covenanting that the City of Philadelphia will make timely payments of the Service Fee and other amounts due under the Service Agreement, as modified; 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 pursuant to the Modified Service Agreement (as defined herein) to provide financial services to the City through the financing of a project consisting of refunding PAID's $27,275,000 City Service Agreement Revenue Bonds, Series 2014A (Federally Taxable) (the "2014A Bonds"); and

WHEREAS, The Council of the City will consider an Ordinance (Bill No. 140609) authorizing the execution and delivery of a Service Agreement (the "Service Agreement") between the City and PAID in connection with the incurrence of certain indebtedness by PA...