City of Philadelphia - File #: 071094

• File #: 071094
• Version: 0
• Type: Resolution
• Status: ADOPTED
• File created: 11/29/2007
• In control: CITY COUNCIL
• Final action: 11/29/2007
• Title: Demanding that any Neighborhood Transformation Initiative ("NTI") bond proceeds that have been used to acquire real estate without the required approval of Council be replenished immediately and made available for authorized NTI purposes, and if such action is not taken immediately, authorizing Council to retain counsel to file suit to compel such action.
• Sponsors: Councilmember Campbell, Councilmember Greenlee, Councilmember Goode, Councilmember Savage, Councilmember Reynolds Brown, Council President Verna, Councilmember Miller, Councilmember Krajewski, Councilmember Ramos, Councilmember Clarke, Councilmember Tasco, Councilmember Kenney, Councilmember Blackwell, Councilmember DiCicco, Councilmember Kelly, Councilmember Rizzo

Date	Ver.	Action By	Action	Result	Tally
11/29/2007	0	CITY COUNCIL	ADOPTED
11/29/2007	0	CITY COUNCIL	READ
11/29/2007	0	CITY COUNCIL	Introduced	Pass

Title
Demanding that any Neighborhood Transformation Initiative ("NTI") bond proceeds that have been used to acquire real estate without the required approval of Council be replenished immediately and made available for authorized NTI purposes, and if such action is not taken immediately, authorizing Council to retain counsel to file suit to compel such action.
Body
WHEREAS, Bill No. 010694 (which became law January 29, 2002), as amended by Bill No. 020036 (approved March 13, 2002), contains provisions governing the expenditure of Neighborhood Transformation Initiative ("NTI") bond proceeds; and

WHEREAS, In particular, Section 7(d) of Bill No. 010694, as amended, provides that in the absence of a Land Bank management program approved by Council (and no such program has yet been approved), no real estate shall be acquired with NTI bond proceeds "unless City Council shall have specifically approved such acquisition by resolution or ordinance"; and

WHEREAS, Through hearings authorized by Resolution No. 070882 (adopted October 18, 2007) and Resolution No. 070890 (approved October 18, 2007), Council has learned that NTI bond proceeds have been used to acquire real estate without Council's approval by resolution or ordinance, in violation of Bill No. 010694, as amended, and in violation of covenants the City has entered into with bondholders; now, therefore,

RESOLVED, BY THE COUNCIL OF THE CITY OF PHILADELPHIA,

THAT Council demands that the Administration immediately replenish any Neighborhood Transformation Initiative ("NTI") bond proceeds that have been used to acquire real estate without the specific approval of Council by resolution or ordinance, as required by Section 7(d) of Bill No. 010694, as amended, so that such proceeds can be made available for authorized NTI purposes.

FURTHER RESOLVED, That if the Administration fails to take immediate action as demanded by this Resolution, Council is authorized to retain counsel to file suit to compel ...