Title
Authorizing and approving the execution and delivery of one or more Service Agreements between The City of Philadelphia and the Philadelphia Redevelopment Authority and/or one or more other City-related Authorities relating to the financing of a Neighborhood Preservation Initiative which includes housing, commercial corridors, and neighborhood infrastructure programs; approving the issuance by each such Authority of bonds, notes or other evidences of indebtedness (including reimbursement obligations related to lines or letters of credit) in one or more series to finance or refinance such initiative 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 each Service Agreement; authorizing certain City officers to take certain actions required to issue such 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, and will make timely payments of, the Service Fee and other amounts due under each such Service Agreement; and authorizing and approving the Director of Finance of the City and other City officials to take other necessary or appropriate actions to effectuate the purposes of this ordinance; all under certain terms and conditions.
Body
WHEREAS, The City of Philadelphia (the "City") has determined that the Philadelphia Redevelopment Authority and/or one or more other City-related Authorities designated by the Director of Finance of the City (each, an "Authority," and, collectively, the "Authorities") will, at the direction of and with the cooperation of the City, pursuant to the related Service Agreement (as defined herein), provide financial and administrative services to the City in connection with, and undertake, all or a portion of a Neighborhood Preservation Initiative which includes housing, commercial corridors, and neighborhood infrastru...
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