Title
Authorizing the issuance from time to time of one or more series of general obligation bonds to provide funds to refund certain outstanding general obligation bonds of The City of Philadelphia; authorizing the Mayor, City Controller and City Solicitor or a majority of them to sell the bonds at public or private negotiated sale; setting forth the purposes for which the proceeds of the bonds will be expended; providing for the maturities and for other terms and conditions and for the form of the bonds; providing that 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 enhancement or payment or liquidity sources for the bonds and certain other actions.
Body
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 of Philadelphia (the "City") to borrow, by the issuance and sale, from time to time, of one or more series of general obligation bonds of the City (the "Bonds"), taxable or tax-exempt, for the payment of which the full faith, credit and taxing powers of the City shall be pledged, a sum or sums which, in the aggregate, shall not exceed One Billion Five Hundred Million Dollars ($1,500,000,000), exclusive of Bonds in an amount required to pay costs of issuance of the Bonds, including, but not limited to, underwriters' discount, costs of liquidity and/or credit enhancement, original issue discount or redemption premiums, if any, on the Prior Bonds (hereinafter defined) or similar items, to be expended as provided in Section 2 of this Ordinance. The Bonds authorized by this Ordinance may be sold, from time to time, at a private negotiated sale or at a public sale to the highest responsible bidder as authorized by law, at such prices ...
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