City of Philadelphia - File #: 110733

• File #: 110733
• Version: 0
• Type: Bill
• Status: ENACTED
• File created: 10/20/2011
• In control: Committee on Finance
• Title: Authorizing and approving (i) the execution and delivery of one or more supplements to an existing service agreement (or a new service agreement on substantially the same terms) between the City and the Redevelopment Authority relating to a comprehensive neighborhood transformation program; (ii) the issuance by the Redevelopment Authority of bonds or other evidence of indebtedness to refund bonds previously issued to finance such neighborhood transformation program; and (iii) the obligation of the City to pay the amounts payable under such service agreement; authorizing certain City officers to take certain actions required to issue bonds; confirming covenants that the City will make necessary appropriations and payment each year to provide for the amounts due under such service agreement as so supplemented; and making such covenants with respect to such new service agreement; all under certain terms and conditions.
• Sponsors: Councilmember Tasco
• Indexes: REDEVELOPMENT AUTHORITY

Date	Ver.	Action By	Action	Result	Tally
12/21/2011	0	MAYOR	SIGNED
12/8/2011	0	CITY COUNCIL	READ AND PASSED	Pass	17:0
12/1/2011	0	CITY COUNCIL	ORDERED PLACED ON THIS DAY`S FIRST READING CALENDAR
12/1/2011	0	CITY COUNCIL	SUSPEND THE RULES OF THE COUNCIL	Pass
12/1/2011	0	CITY COUNCIL	ORDERED PLACED ON NEXT WEEK`S SECOND READING CALENDAR
11/29/2011	0	Committee on Finance	HEARING NOTICES SENT
11/29/2011	0	Committee on Finance	HEARING HELD
11/29/2011	0	Committee on Finance	REPORTED FAVORABLY, RULE SUSPENSION REQUESTED
10/20/2011	0	CITY COUNCIL	Introduced and Referred	Pass

Title
Authorizing and approving (i) the execution and delivery of one or more supplements to an existing service agreement (or a new service agreement on substantially the same terms) between the City and the Redevelopment Authority relating to a comprehensive neighborhood transformation program; (ii) the issuance by the Redevelopment Authority of bonds or other evidence of indebtedness to refund bonds previously issued to finance such neighborhood transformation program; and (iii) the obligation of the City to pay the amounts payable under such service agreement; authorizing certain City officers to take certain actions required to issue bonds; confirming covenants that the City will make necessary appropriations and payment each year to provide for the amounts due under such service agreement as so supplemented; and making such covenants with respect to such new service agreement; all under certain terms and conditions.

Body
THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS:
SECTION 1. This Ordinance is being enacted pursuant to the Ordinance (Bill No. 020036) of the Council of the City of Philadelphia (the "City"), approved by the Mayor on March 13, 2002 (the "2002 Ordinance") which requires the approval of the Council of the City of certain supplements to the Service Agreement (defined below).
SECTION 2. The Council of the City hereby authorizes and approves: (i) the execution and delivery of one or more supplements (each a "Supplement") to the Service Agreement dated April 15, 2002 (as amended and supplemented, the "Service Agreement"), with the Redevelopment Authority of the City of Philadelphia (the "RDA"); (ii) the issuance by the RDA of bonds, notes or other evidence of indebtedness (the "Refunding Bonds") in one or more series, to pay the costs of the refunding of all or a portion of the RDA's revenue bonds (the "NTI Bonds") issued to finance the Program (as defined in the 2002 Ordinance), together with amounts necessary fo...