Title
Memorializing Council's intent not to authorize the issuance of debt by the City or any other agency unless the sale of bonds and the selection of bond firms and professionals is conducted under a transparent process that seeks the selection of the most qualified firms and professionals at the best possible prices.
Body
WHEREAS, The City and City-related agencies issue bonds each year under authorization granted by the Council; and
WHEREAS, The issuance of debt requires the retention of a variety of bond firms and professionals who are paid out of the proceeds of each debt issue; and
WHEREAS, To restore the public's confidence in the integrity of the process by which bond firms and professionals are selected, Council should require the institution of a transparent process that permits competition to the greatest feasible extent consistent with the goal of selecting the most qualified firms and professionals at the best possible prices; now, therefore,
RESOLVED, BY THE COUNCIL OF THE CITY OF PHILADELPHIA,
SECTION 1. LEGISLATIVE INTENT. It is the intent of Council not to approve any ordinance that authorizes the issuance of debt by the City or any other agency, unless the sale of bonds and the selection of professionals paid out of the costs of issuance is conducted under a transparent process that seeks the selection of the most qualified firms at the best possible prices. In particular, Council will not approve the issuance of debt unless the process detailed in Section 3 of this Resolution is followed.
SECTION 2. MAYORAL ACTION. Council invites the Mayor to submit to Council either a proposed ordinance or a proposed executive order that would implement the process detailed in Section 3 of this Resolution. If the Mayor submits an executive order to Council, it is Council's intent to approve by resolution an executive order that is consistent with this Resolution, so that the Administration may be assured in advance that a proposed ...
Click here for full text