City of Philadelphia - File #: 110445

• File #: 110445
• Version: 0
• Type: Bill
• Status: ENACTED
• File created: 5/26/2011
• In control: Committee on Finance
• Title: Constituting the Twentieth Supplemental Ordinance to the General Gas Works Revenue Bond Ordinance of 1975 (the "1975 General Ordinance"); authorizing the City of Philadelphia (the "City") to sell, either at public or private sale, Gas Works Revenue Bonds, Twentieth Series (the "Twentieth Series Bonds") to pay the cost of refunding or redeeming certain outstanding Gas Works Revenue Bonds and other Project Costs; authorizing the City to obtain credit enhancement for the Twentieth Series Bonds; making certain determinations and covenants relating to Project Revenues and the payment of interest and principal; and authorizing covenants and actions in order that the Twentieth Series Bonds shall not be arbitrage bonds; all under certain terms and conditions.
• Sponsors: Councilmember Tasco
• Indexes: PHILADELPHIA GAS WORKS

Date	Ver.	Action By	Action	Result	Tally
7/5/2011	0	MAYOR	SIGNED
6/16/2011	0	CITY COUNCIL	READ AND PASSED	Pass	17:0
6/9/2011	0	CITY COUNCIL	ORDERED PLACED ON THIS DAY`S FIRST READING CALENDAR
6/9/2011	0	CITY COUNCIL	SUSPEND THE RULES OF THE COUNCIL	Pass
6/9/2011	0	CITY COUNCIL	ORDERED PLACED ON NEXT WEEK`S SECOND READING CALENDAR
6/6/2011	0	Committee on Finance	HEARING NOTICES SENT
6/6/2011	0	Committee on Finance	HEARING HELD
6/6/2011	0	Committee on Finance	REPORTED FAVORABLY, RULE SUSPENSION REQUESTED
5/26/2011	0	CITY COUNCIL	Introduced and Referred	Pass

Title
Constituting the Twentieth Supplemental Ordinance to the General Gas Works Revenue Bond Ordinance of 1975 (the "1975 General Ordinance"); authorizing the City of Philadelphia (the "City") to sell, either at public or private sale, Gas Works Revenue Bonds, Twentieth Series (the "Twentieth Series Bonds") to pay the cost of refunding or redeeming certain outstanding Gas Works Revenue Bonds and other Project Costs; authorizing the City to obtain credit enhancement for the Twentieth Series Bonds; making certain determinations and covenants relating to Project Revenues and the payment of interest and principal; and authorizing covenants and actions in order that the Twentieth Series Bonds shall not be arbitrage bonds; all under certain terms and conditions.

Body
THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS:

SECTION 1. The Mayor, the City Controller and the City Solicitor (the "Bond Committee"), or a majority of them, are hereby authorized, on behalf of the City of Philadelphia (the "City"), to borrow, by the issuance and sale of Gas Works Revenue Bonds, Twentieth Series, of the City of Philadelphia (the "Twentieth Series Bonds"), in one or more subseries and with such relative priorities as they deem desirable, pursuant to The First Class City Revenue Bond Act of October 18, 1972, Act No. 234 (the "Act") and the General Gas Works Revenue Bond Ordinance of 1975, Bill No. 1871 (approved May 30, 1975), as amended (the "1975 General Ordinance"), a sum or sums which in the aggregate shall not exceed the principal amount of Twentieth Series Bonds authorized to be issued hereunder, to be expended as provided in Section 2 of this Ordinance. The Twentieth Series Bonds shall be sold at public or private sale and shall contain such terms and provisions as are determined by a majority of the Bond Committee to be in the best interest of the City and not inconsistent with the provisions hereof, of the Act or of the 1975 General Ordinance or any oth...