City of Philadelphia - File #: 070670

• File #: 070670
• Version: 0
• Type: Bill
• Status: ENACTED
• File created: 9/20/2007
• In control: Committee on Finance
• Final action: 10/4/2007
• Title: Authorizing the creation of a loan or loans to provide funds for and toward various capital municipal purposes; authorizing the Mayor, City Controller and City Solicitor or a majority of them to sell bonds at public or private negotiated sale; setting forth the capital purposes and the amounts for which the proceeds of the loan or loans will be expended, including reimbursement of City capital expenditures; providing for the maturities and for other terms and conditions and for the form of the bonds; providing that certain 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 or payment or liquidity sources for the bonds and interest rate swaps in connection with issuance of the bonds, and certain other actions; providing for obtaining the consent of the electors to increasing the indebtedness of the City of Philadelphia; and fixing a day fo...
• Sponsors: Councilmember Blackwell

Date	Ver.	Action By	Action	Result	Tally
10/5/2007	0	MAYOR	SIGNED
10/4/2007	0	CITY COUNCIL	READ
10/4/2007	0	CITY COUNCIL	PASSED	Pass	17:0
9/27/2007	0	Committee on Finance	HEARING NOTICES SENT
9/27/2007	0	CITY COUNCIL	ORDERED PLACED ON THIS DAY`S FIRST READING CALENDAR
9/27/2007	0	CITY COUNCIL	SUSPEND THE RULES OF THE COUNCIL	Pass
9/27/2007	0	CITY COUNCIL	ORDERED PLACED ON NEXT WEEK`S SECOND READING CALENDAR
9/27/2007	0	Committee on Finance	HEARING HELD
9/27/2007	0	Committee on Finance	REPORTED FAVORABLY, RULE SUSPENSION REQUESTED
9/20/2007	0	CITY COUNCIL	Referred
9/20/2007	0	CITY COUNCIL	Introduced	Pass

Title
Authorizing the creation of a loan or loans to provide funds for and toward various capital municipal purposes; authorizing the Mayor, City Controller and City Solicitor or a majority of them to sell bonds at public or private negotiated sale; setting forth the capital purposes and the amounts for which the proceeds of the loan or loans will be expended, including reimbursement of City capital expenditures; providing for the maturities and for other terms and conditions and for the form of the bonds; providing that certain 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 or payment or liquidity sources for the bonds and interest rate swaps in connection with issuance of the bonds, and certain other actions; providing for obtaining the consent of the electors to increasing the indebtedness of the City of Philadelphia; and fixing a day for holding the election for obtaining such consent and providing for the arrangements for holding such election.
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, including reimbursing City capital expenditures previously made in connection with the identified capital projects, subject to the approval 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 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 FIFTY FIVE MILLION NINETY THOUSAND DOLLARS ($55,090,000), to be ...