City of Philadelphia - File #: 010179

• File #: 010179
• Version: 0
• Type: Bill
• Status: ENACTED
• File created: 3/22/2001
• In control: Committee of the Whole
• Final action: 4/5/2001
• Title: Authorizing the creation of a loan or loans to provide funds for and toward various capital municipal purposes; authorizing the Mayor, City Controller and City Solicitor or a majority of them to sell bonds at public or private negotiated sale; setting forth the capital purposes and the amounts for which the proceeds of the loan or loans will be expended; providing for the maturities and for other terms and conditions and for the form of the bonds; providing that certain bonds may be redeemable prior to maturity; providing sinking funds for the bonds and for appropriations to the Sinking Fund Commission for the payment thereof; authorizing agreements to provide credit or payment or liquidity sources for the bonds and certain other actions; providing for obtaining the consent of the electors to increasing the indebtedness of the City of Philadelphia; fixing a day for holding the election for obtaining such consent and providing for the arrangements for holding such election.
• Sponsors: Council President Verna, Councilmember Blackwell

Date	Ver.	Action By	Action	Result	Tally
4/5/2001	0	CITY COUNCIL	READ
4/5/2001	0	CITY COUNCIL	PASSED	Pass	16:0
4/5/2001	0	MAYOR	SIGNED
3/29/2001	0	CITY COUNCIL	SUSPEND THE RULES OF THE COUNCIL	Pass
3/29/2001	0	CITY COUNCIL	ORDERED PLACED ON THIS DAY`S FIRST READING CALENDAR
3/29/2001	0	CITY COUNCIL	ORDERED PLACED ON NEXT WEEK`S SECOND READING CALENDAR
3/28/2001	0	Committee of the Whole	HEARING NOTICES SENT
3/28/2001	0	Committee of the Whole	HEARING HELD
3/28/2001	0	Committee of the Whole	REPORTED FAVORABLY, RULE SUSPENSION REQUESTED
3/22/2001	0	CITY COUNCIL	Referred
3/22/2001	0	CITY COUNCIL	Introduced	Pass

Title
Authorizing the creation of a loan or loans to provide funds for and toward various capital municipal purposes; authorizing the Mayor, City Controller and City Solicitor or a majority of them to sell bonds at public or private negotiated sale; setting forth the capital purposes and the amounts for which the proceeds of the loan or loans will be expended; providing for the maturities and for other terms and conditions and for the form of the bonds; providing that certain bonds may be redeemable prior to maturity; providing sinking funds for the bonds and for appropriations to the Sinking Fund Commission for the payment thereof; authorizing agreements to provide credit or payment or liquidity sources for the bonds and certain other actions; providing for obtaining the consent of the electors to increasing the indebtedness of the City of Philadelphia; fixing a day for holding the election for obtaining such consent and providing for the arrangements for holding such election.
Body
WHEREAS, The Council desires by this Ordinance to authorize the creation of a loan or loans for the purpose of financing new capital projects and expenditures of the City, subject to the approval of the electors; now, therefore

THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS:

SECTION 1. The Mayor, City Controller and City Solicitor, or a majority of them (in this ordinance called the "Bond Committee"), are hereby authorized on behalf of the City to borrow, by the issuance and sale of general obligation bonds of the City for the payment of which the full faith, credit and taxing power of the City shall be pledged, a sum or sums which in the aggregate, shall not exceed NINETY ONE MILLION TWO HUNDRED THIRTY THOUSAND DOLLARS ($91,230,000.00) to be expended as provided in Section 2 of this ordinance; provided, however, that the authority to increase the City's indebtedness as herein contained shall not be effective unless the electors shall give their consent thereto a...