Title
Finding that a negotiated private sale of General Obligation Bonds is in the best financial interest of the City.
Body
WHEREAS, By Ordinance approved April 24, 1998 (Bill No. 980006), the Council authorized the issuance of up to $102,110,00 of General Obligation Bonds for various capital purposes; and
WHEREAS, By Ordinance approved April 14, 1999 (Bill No. 990115), the Council authorized the issuance of up to $196,893,990 of General Obligation Bonds for various capital purposes; and
WHEREAS, Act 1985-85, approved December 8, 1985, P.L. 324, requires that in order to sell such bonds at a negotiated private sale a resolution shall be adopted by a majority of the members of Council after finding that such a private sale is in the best financial interest of the City; now therefore
RESOLVED, BY THE COUNCIL OF THE CITY OF PHILADELPHIA, That a negotiated private sale of up to $102,110,000 of General Obligation Bonds, net of original issue discount and amounts necessary for any costs of issuance in connection with such bonds, authorized by the Ordinance approved April 24, 1998 (Bill No. 980006), is in the best financial interest of the City; and
FURTHER RESOLVED, That a negotiated private sale of up to $192,890,000 of General Obligation Bonds, net of original issue discount and amounts necessary for any costs of issuance in connection with such bonds, authorized by Ordinance approved April 14, 1999 (Bill No. 990115), is in the best financial interest of the City.
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