City of Philadelphia - File #: 170206

• File #: 170206
• Version: 3
• Type: Bill
• Status: ENACTED
• File created: 3/2/2017
• In control: Committee of the Whole
• Final action: 6/22/2017
• Title: Authorizing and approving the execution and delivery of a Service Agreement between the City of Philadelphia and the Philadelphia Authority for Industrial Development relating to the financing of the City of Philadelphia's Rebuild program, approving 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 such program and authorizing and approving 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 such 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, and will make timely payments of, the Service Fee and other amounts due under the Service Agreement; and authorizing City officials to take nece...
• Sponsors: Council President Clarke, Councilmember Bass
• Indexes: AGREEMENTS, PAID

Date	Ver.	Action By	Action	Result	Tally
6/28/2017	3	MAYOR	SIGNED
6/22/2017	3	CITY COUNCIL	READ AND PASSED	Pass	16:1
6/15/2017	2	Committee of the Whole	HEARING NOTICES SENT
6/15/2017	2	Committee of the Whole	HEARING HELD
6/15/2017	2	Committee of the Whole	HEARING HELD
6/15/2017	2	Committee of the Whole	AMENDED
6/15/2017	2	Committee of the Whole	AMENDED
6/15/2017	3	Committee of the Whole	REPORTED FAVORABLY, RULE SUSPENSION REQUESTED
6/15/2017	3	CITY COUNCIL	ORDERED PLACED ON THIS DAY`S FIRST READING CALENDAR
6/15/2017	3	CITY COUNCIL	SUSPEND THE RULES OF THE COUNCIL	Pass
6/15/2017	3	CITY COUNCIL	READ AND ORDERED PLACED ON NEXT WEEK'S SECOND READING CALENDAR
6/12/2017	1	Committee of the Whole	HEARING NOTICES SENT
6/12/2017	1	Committee of the Whole	HEARING HELD
6/12/2017	1	Committee of the Whole	AMENDED
6/12/2017	2	Committee of the Whole	RECESSED
6/7/2017	0	Committee of the Whole	HEARING NOTICES SENT
6/7/2017	0	Committee of the Whole	HEARING HELD
6/7/2017	0	Committee of the Whole	AMENDED
6/7/2017	1	Committee of the Whole	RECESSED
5/22/2017	0	Committee of the Whole	HEARING NOTICES SENT
3/16/2017	0	CITY COUNCIL	Referred
3/2/2017	0	CITY COUNCIL	Introduced and Referred	Pass

Title
Authorizing and approving the execution and delivery of a Service Agreement between the City of Philadelphia and the Philadelphia Authority for Industrial Development relating to the financing of the City of Philadelphia's Rebuild program, approving 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 such program and authorizing and approving 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 such 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, and will make timely payments of, the Service Fee and other amounts due under the Service Agreement; and authorizing City officials to take necessary or appropriate actions, 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 pursuant to the Service Agreement (as defined herein) to provide financial services to the City through the financing or refinancing of improvements to, and construction, demolition, renovation and equipping of, the City's parks, libraries, playgrounds, recreation centers and other related facilities, and related costs such as workforce diversity and inclusion programs, community engagement and program administration (collectively, the "Project"), under the City's program generally referred to as "Rebuild;" and

WHEREAS, The Council of the City (the "Council") has, by this Ordinance, determined that it is in the best interests of the City to: (i) authorize and approve the execution and de...