Title
Authorizing The Philadelphia Municipal Authority, incorporated pursuant to the "Municipality Authorities Act of 1945," P.L. 382, as amended (the "Act"), and an ordinance of Council, approved December 23, 1975, to acquire, hold, construct, improve, maintain, operate, own and lease, either in the capacity of lessor or lessee, to the City of Philadelphia or to others, the real property, facilities, equipment and the improvements thereon located at 91 North 48th Street, Philadelphia, Pennsylvania, for a secure residential detention facility providing educational, health and social services to juveniles in the City of Philadelphia and to be known as the New Youth Center Facility (the "Project"), and to exercise with respect to such Project all powers granted by the Act, subject to certain terms and conditions; and further, authorizing an amendment to the Articles of Incorporation of The Philadelphia Municipal Authority to extend the term of its existence to the year 2054.
Body
WHEREAS, By ordinance approved December 23, 1975, Bill No. 2201 (the "1975 Ordinance"), City Council authorized the organization of The Equipment Leasing Authority of Philadelphia (the "Authority") pursuant to the provisions of the "Municipality Authorities Act of 1945," P.L. 382, as amended; and
WHEREAS, By ordinance approved March 10, 1983, Bill No. 1530 (the "1983 Ordinance"), City Council authorized the Authority to change its name to "The Philadelphia Municipal Authority"; and
WHEREAS, By ordinances approved December 23, 1975, Bill No. 2201; March 10, 1983, Bill No. 1530; July 9, 1984, Bill No. 225; March 25, 1988, Bill No. 14; August 3, 1989, Bill No. 487; August 8, 1989, Bill No. 487; July 1, 1997, Bill No. 970454, Council has approved various amendments to the Authority's articles of incorporation thereby, inter alia, expanding the authorized powers of the Authority; and
WHEREAS, City Council has determined that it is desirable to grant additional powers to the Authority in ...
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