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File #: 020027    Version: 0 Name:
Type: Bill Status: ENACTED
File created: 2/5/2002 In control: Committee of the Whole
On agenda: Final action: 3/21/2002
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; and fixing a day for holding the election for obtaining such consent and providing for the arrangements for holding such election.
Sponsors: Councilmember Blackwell
Indexes: SINKING FUND COMMISSION
Attachments: 1. CertifiedCopy02002700.pdf
Date Ver.Action ByActionResultTallyAction DetailsMeeting DetailsVideo
3/22/20020 MAYOR SIGNED   Action details Meeting details Not available
3/21/20020 CITY COUNCIL ORDERED PLACED ON THIS DAY'S SECOND READING CALENDAR   Action details Meeting details Not available
3/21/20020 CITY COUNCIL READ   Action details Meeting details Not available
3/21/20020 CITY COUNCIL PASSEDPass16:0 Action details Meeting details Not available
3/14/20020 CITY COUNCIL READ   Action details Meeting details Not available
3/7/20020 CITY COUNCIL ORDERED PLACED ON THIS DAY`S FIRST READING CALENDAR   Action details Meeting details Not available
3/7/20020 CITY COUNCIL SUSPEND THE RULES OF THE COUNCILPass  Action details Meeting details Not available
3/7/20020 CITY COUNCIL ORDERED PLACED ON THIS DAY`S SECOND READING CALENDAR   Action details Meeting details Not available
3/6/20020 Committee of the Whole HEARING NOTICES SENT   Action details Meeting details Not available
3/6/20020 Committee of the Whole HEARING HELD   Action details Meeting details Not available
3/6/20020 Committee of the Whole REPORTED FAVORABLY, RULE SUSPENSION REQUESTED   Action details Meeting details Not available
2/5/20020 CITY COUNCIL Referred   Action details Meeting details Not available
2/5/20020 CITY COUNCIL IntroducedPass  Action details Meeting details Not available
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; and 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-TWO MILLION ONE HUNDRED NINETY-FIVE THOUSAND DOLLARS ($92,195,000.00) 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 ...

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