Title
Authorizing and approving the execution and delivery of a Service Agreement between The City of Philadelphia, Pennsylvania and Philadelphia Authority for Industrial Development relating to the financing of the buildout, construction, equipping, installation and implementation of improvements for the development of a forensics laboratory for the Philadelphia Police Department at a specified property or properties owned or leased, and operated, by the City; approving the issuance by such Authority of bonds, notes or other evidences of indebtedness in one or more series to finance or refinance the costs of such project and authorizing and approving the obligation of the City 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 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 other necessary or appropriate actions to effectuate the purposes of this Ordinance; all under certain terms and conditions.
Body
WHEREAS, in order to benefit the people of The City of Philadelphia, Pennsylvania (the “City”) by, among other things, increasing their commerce, health, safety and prosperity, the City and Philadelphia Authority for Industrial Development (the “Authority”) have determined that the Authority, at the direction of and with the cooperation of the City, will undertake pursuant to the Service Agreement (as defined herein) to provide project development and financing services and related administrative services to the City in connection with a project consisting of the buildout, construction, equipping, and installation of improvements in connection with the development of a new forensics laborator...
Click here for full text