Title
Constituting the Tenth Supplemental Ordinance to the General Gas Works Revenue Bond Ordinance of 1998 (the "1998 General Ordinance"); authorizing the City to sell, either at public or private sale, Gas Works Revenue Bonds, Ninth Series, to pay the costs of certain capital projects and other Project Costs; authorizing the City to obtain Credit Facilities for the Ninth Series Bonds; making certain determinations and covenants relating to Gas Works Revenues and the payment of interest and principal; and authorizing covenants and actions in order that the Ninth Series Bonds shall not be arbitrage bonds; all under certain terms and conditions.
Body
THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS:
SECTION 1. The Mayor, the City Controller and the City Solicitor (the "Bond Committee"), or a majority of them, are hereby authorized, on behalf of the City, to borrow, by the issuance and sale of Gas Works Revenue Bonds, Ninth Series (1998 General Ordinance), of the City (the "Ninth Series Bonds"), which may be issued in one or more subseries, designated "Ninth Series Bonds" and consecutively thereafter by letter designation, with such relative priorities as the Bond Committee may deem desirable, pursuant to The First Class City Revenue Bond Act of October 18, 1972, Act No. 234 (the "Act") and the General Gas Works Revenue Bond Ordinance of 1998, Bill No. 980232, adopted by the City on April 30, 1998 (the "1998 General Ordinance"), a sum or sums which in the aggregate shall not exceed the principal amount of Ninth Series Bonds authorized to be issued hereunder, to be expended as provided in Section 2 of this Ordinance. The Ninth Series Bonds shall be sold at public or private sale and shall contain such terms and provisions as are determined by a majority of the Bond Committee to be in the best interests of the City and are not inconsistent with the provisions hereof, of the Act, or of the 1998 General Ordinance, or any applicable law. If a major...
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