City of Philadelphia - File #: 110447

• File #: 110447
• Version: 1
• Type: Bill
• Status: ENACTED
• File created: 5/26/2011
• In control: Committee on Finance
• Title: Constituting the Eleventh Supplemental Ordinance to the General Gas Works Revenue Bond Ordinance of 1998 (the "1998 General Ordinance"); authorizing the City of Philadelphia (the "City") to sell, either at public or private sale, Gas Works Revenue Bonds, Tenth Series (the "Tenth Series Bonds") to pay the cost of refunding or redeeming certain outstanding Gas Works Revenue Bonds, any termination payment which may become due under a Qualified Swap Agreement in connection with the redemption or conversion of all or any portion of certain Gas Works Revenue Bonds and other Project Costs; authorizing the City to obtain credit enhancement for the Tenth 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 Tenth Series Bonds shall not be arbitrage bonds; all under certain terms and conditions.
• Sponsors: Councilmember Tasco
• Indexes: PHILADELPHIA GAS WORKS

Date	Ver.	Action By	Action	Result	Tally
7/5/2011	1	MAYOR	SIGNED
6/16/2011	1	CITY COUNCIL	READ AND PASSED	Pass	17:0
6/9/2011	1	CITY COUNCIL	ORDERED PLACED ON THIS DAY`S FIRST READING CALENDAR
6/9/2011	1	CITY COUNCIL	SUSPEND THE RULES OF THE COUNCIL	Pass
6/9/2011	1	CITY COUNCIL	ORDERED PLACED ON NEXT WEEK`S SECOND READING CALENDAR
6/6/2011	0	Committee on Finance	HEARING NOTICES SENT
6/6/2011	0	Committee on Finance	HEARING HELD
6/6/2011	0	Committee on Finance	AMENDED
6/6/2011	1	Committee on Finance	REPORTED FAVORABLY, RULE SUSPENSION REQUESTED
5/26/2011	0	CITY COUNCIL	Introduced and Referred	Pass

Title
Constituting the Eleventh Supplemental Ordinance to the General Gas Works Revenue Bond Ordinance of 1998 (the "1998 General Ordinance"); authorizing the City of Philadelphia (the "City") to sell, either at public or private sale, Gas Works Revenue Bonds, Tenth Series (the "Tenth Series Bonds") to pay the cost of refunding or redeeming certain outstanding Gas Works Revenue Bonds, any termination payment which may become due under a Qualified Swap Agreement in connection with the redemption or conversion of all or any portion of certain Gas Works Revenue Bonds and other Project Costs; authorizing the City to obtain credit enhancement for the Tenth 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 Tenth 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, Tenth Series (1998 General Ordinance), of the City (the "Tenth Series Bonds"), which may be issued in one or more subseries, designated "Tenth Series Bonds" and consecutively thereafter by letter designation, and 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 Tenth Series Bonds authorized to be issued hereunder, to be expended as provided in Section 2 of this Ordinance. The Tenth Series Bonds shall be sold at public ...