City of Philadelphia - File #: 060692

• File #: 060692
• Version: 1
• Type: Bill
• Status: ENACTED
• File created: 9/21/2006
• In control: Committee on Finance
• Final action: 10/26/2006
• Title: Authorizing and approving (i) the execution and delivery of a Service Agreement between the City of Philadelphia and the Philadelphia Authority for Industrial Development relating to a comprehensive program to improve and enhance the City of Philadelphia's cultural and commercial corridors for the benefit of the residents of the City of Philadelphia, (ii) the issuance by the Philadelphia Authority for Industrial Development of bonds, notes or other evidences of indebtedness in one or more series, to finance or refinance (for debt service savings) the costs of the cultural and commercial corridors program; and (iii) the obligation of the City of Philadelphia to pay in full when due the Service Fee and other amounts payable under the Service Agreement; authorizing certain City officers to take certain actions required to issue bonds, notes or other evidences of indebtedness; covenanting that the City of Philadelphia will make necessary appropriations in each of the City's fiscal years to...
• Sponsors: Councilmember Blackwell, Councilmember Blackwell
• Indexes: AGREEMENTS, PAID

Date	Ver.	Action By	Action	Result	Tally
11/6/2006	1	MAYOR	SIGNED
11/6/2006	1	MAYOR	SIGNED
10/26/2006	1	CITY COUNCIL	READ
10/26/2006	1	CITY COUNCIL	READ
10/26/2006	1	CITY COUNCIL	PASSED	Pass	11:3
10/26/2006	1	CITY COUNCIL	PASSED	Pass	11:3
10/19/2006	0	CITY COUNCIL	ORDERED PLACED ON THIS DAY`S FIRST READING CALENDAR
10/19/2006	0	CITY COUNCIL	SUSPEND THE RULES OF THE COUNCIL	Pass
10/19/2006	0	CITY COUNCIL	ORDERED PLACED ON NEXT WEEK`S SECOND READING CALENDAR
10/17/2006	0	Committee on Finance	HEARING NOTICES SENT
10/17/2006	1	Committee on Finance	REPORTED FAVORABLY, RULE SUSPENSION REQUESTED
10/17/2006	1	Committee on Finance	REPORTED FAVORABLY, RULE SUSPENSION REQUESTED
10/17/2006	0	Committee on Finance	AMENDED
10/17/2006	0	Committee on Finance	HEARING HELD
9/21/2006	0	CITY COUNCIL	HEARING NOTICES SENT
9/21/2006	0	CITY COUNCIL	Referred

Title
Authorizing and approving (i) the execution and delivery of a Service Agreement between the City of Philadelphia and the Philadelphia Authority for Industrial Development relating to a comprehensive program to improve and enhance the City of Philadelphia's cultural and commercial corridors for the benefit of the residents of the City of Philadelphia, (ii) the issuance by the Philadelphia Authority for Industrial Development of bonds, notes or other evidences of indebtedness in one or more series, to finance or refinance (for debt service savings) the costs of the cultural and commercial corridors program; and (iii) the obligation of the City of Philadelphia to pay in full when due the Service Fee and other amounts payable under the Service Agreement; authorizing certain City officers to take certain actions required to issue bonds, notes or other evidences of indebtedness; covenanting that the City of Philadelphia will make necessary appropriations in each of the City's fiscal years to provide for the Service Fee and other amounts due under the Service Agreement; and covenanting that the City of Philadelphia will make timely payments of the Service Fee and other amounts due under the Service Agreement; all under certain terms and conditions.
Body

WHEREAS, The City of Philadelphia (the "City") and the Philadelphia Authority for Industrial Development ("PAID") have determined that PAID will, at the direction, and with the cooperation, of the City, undertake a comprehensive cultural and commercial corridors program for the improvement and enhancement of the cultural and commercial corridors in the City for the benefit of the residents of the City; and
WHEREAS, The City is authorized to enter into agreements with PAID respecting action to be taken by the City; to make such appropriations to PAID as are deemed necessary to assist PAID in carrying out its public purposes; and to designate PAID as the City's agent to perform any specifie...