Title
Finding that a negotiated private sale of General Obligation Bonds is in the best financial interest of the City of Philadelphia.
Body
WHEREAS, By Ordinance approved March 22, 2002 (Bill No. 020026), the Council of the City of Philadelphia (the "City Council") amended the Ordinance approved October 11, 2000 (Bill No. 000535), wherein the City Council authorized the issuance of up to $162,135,000 of General Obligation Bonds for various capital purposes, to reduce the amount authorized by said ordinance to $120,935,000; and
WHEREAS, By Ordinance approved April 5, 2001 (Bill No. 010179), the City Council authorized the issuance of up to $91,230,000 of General Obligation Bonds for various capital purposes; and
WHEREAS, By Ordinance approved March 22, 2002 (Bill No. 020027), the City Council authorized the issuance of up to $92,195,000 of General Obligation Bonds for various capital purposes; and
WHEREAS, Act 1985-85, approved December 8, 1985, P.L. 324, requires that in order to sell such bonds at a negotiated private sale a resolution shall be adopted by a majority of the members of City Council after finding that such a private sale is in the best financial interest of the City of Philadelphia (the "City"); now therefore
RESOLVED, BY THE COUNCIL OF THE CITY OF PHILADELPHIA, That a negotiated private sale of up to $120,935,000 of General Obligation Bonds, net of original issue discount and amounts necessary for any costs of issuance in connection with such bonds, authorized by the Ordinance approved October 11, 2000 (Bill No. 000535), as amended by the Ordinance approved March 22, 2002 (Bill No. 020026), is in the best financial interest of the City; and
FURTHER RESOLVED, That a negotiated private sale of up to $91,230,000 of General Obligation Bonds, net of original issue discount and amounts necessary for any costs of issuance in connection with such bonds, authorized by the Ordinance approved April 5, 2001 (Bill No. 010179), is in...
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