City of Philadelphia - File #: 230186-A

• File #: 230186-A
• Version: 1
• Type: Bill
• Status: ENACTED
• File created: 3/9/2023
• In control: Committee on Finance
• Final action: 9/14/2023
• Title: Authorizing an increase in the non-electoral indebtedness of the City within the Pennsylvania constitutional limit; authorizing the Bond Committee to sell bonds at public or private negotiated sale, to provide funds toward various capital municipal purposes; providing for appropriations to the Sinking Fund Commission for the payment of such bonds; and authorizing agreements to provide credit or payment or liquidity sources for the bonds in connection with issuance of the bonds, and certain other actions.
• Sponsors: Council President Clarke, Councilmember Jones
• Indexes: BONDS

Date	Ver.	Action By	Action	Result	Tally
9/15/2023	1	MAYOR	SIGNED
9/14/2023	1	CITY COUNCIL
6/15/2023	0	CITY COUNCIL
6/15/2023	1	CITY COUNCIL
6/15/2023	1	CITY COUNCIL
5/4/2023	0	CITY COUNCIL
5/4/2023	0	CITY COUNCIL
5/4/2023	0	CITY COUNCIL
5/1/2023	0	Committee on Finance	HEARING NOTICES SENT
5/1/2023	0	Committee on Finance	HEARING HELD
5/1/2023	0	Committee on Finance	REPORTED FAVORABLY, RULE SUSPENSION REQUESTED
3/9/2023	0	CITY COUNCIL

Title
Authorizing an increase in the non-electoral indebtedness of the City within the Pennsylvania constitutional limit; authorizing the Bond Committee to sell bonds at public or private negotiated sale, to provide funds toward various capital municipal purposes; providing for appropriations to the Sinking Fund Commission for the payment of such bonds; and authorizing agreements to provide credit or payment or liquidity sources for the bonds in connection with issuance of the bonds, and certain other actions.

Body
WHEREAS, the Council desires by this Ordinance to authorize the creation of a loan or loans for the purpose of financing new capital projects and expenditures of The City of Philadelphia (the "City"), including reimbursing City capital expenditures previously made in connection with the identified capital projects; and

WHEREAS, the increase in indebtedness of the City authorized by this Ordinance does not cause the total debt of the City to exceed three (3) percent of the average of the annual assessed valuations of taxable realty within the City during the ten years immediately preceding the year in which enactment of this Ordinance occurs, as calculated for purposes of Article IX, Section 12 of the Pennsylvania Constitution; and

WHEREAS, therefore, such increase in the indebtedness of the City pursuant to this Ordinance does not require the consent of the electors; now, therefore

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 to incur non- electoral debt and borrow, by the issuance and sale of general obligation bonds of the City for the payment of which the full faith, credit and taxing power of the City shall be pledged, a sum or sums which in the aggregate, shall not exceed TWO HUNDRED TWENTY THREE MILLION DOLLARS ($223,000,000.00),...