City of Philadelphia - File #: 150160

• File #: 150160
• Version: 0
• Type: Bill
• Status: ENACTED
• File created: 3/5/2015
• In control: Committee on Finance
• Final action: 3/26/2015
• Title: Constituting the Twenty-First Supplemental Ordinance to the General Gas Works Revenue Bond Ordinance of 1975 (the "1975 General Ordinance"); authorizing the City of Philadelphia (the "City") to sell, either at public or private sale, Gas Works Revenue Bonds (1975 General Ordinance), of the City of Philadelphia, in one or more series or subseries (the "Bonds") to be issued to pay the cost of refunding or redeeming all or a portion of all of the outstanding Gas Works Revenue Bonds and other Project Costs, as hereinafter more particularly described; authorizing the City of Philadelphia to obtain credit enhancement for the Bonds; making certain determinations relating to Project Revenues and the payment of interest and principal; authorizing certain amendments to the 1975 General Ordinance that will take effect at such time that all of the Bonds currently outstanding under the 1975 General Ordinance are redeemed or defeased; and authorizing covenants and actions in order that the Bonds sha...
• Sponsors: Council President Clarke, Councilmember Blackwell
• Indexes: PHILADELPHIA GAS WORKS

Date	Ver.	Action By	Action	Result	Tally
3/26/2015	0	CITY COUNCIL	READ AND PASSED	Pass	16:0
3/26/2015	0	MAYOR	SIGNED
3/19/2015	0	CITY COUNCIL	SUSPEND THE RULES OF THE COUNCIL	Pass
3/19/2015	0	CITY COUNCIL	READ AND ORDERED PLACED ON NEXT WEEK'S SECOND READING CALENDAR
3/16/2015	0	Committee on Finance	HEARING NOTICES SENT
3/16/2015	0	Committee on Finance	HEARING HELD
3/16/2015	0	Committee on Finance	REPORTED FAVORABLY, RULE SUSPENSION REQUESTED
3/5/2015	0	CITY COUNCIL	Introduced and Referred	Pass

Title
Constituting the Twenty-First Supplemental Ordinance to the General Gas Works Revenue Bond Ordinance of 1975 (the "1975 General Ordinance"); authorizing the City of Philadelphia (the "City") to sell, either at public or private sale, Gas Works Revenue Bonds (1975 General Ordinance), of the City of Philadelphia, in one or more series or subseries (the "Bonds") to be issued to pay the cost of refunding or redeeming all or a portion of all of the outstanding Gas Works Revenue Bonds and other Project Costs, as hereinafter more particularly described; authorizing the City of Philadelphia to obtain credit enhancement for the Bonds; making certain determinations relating to Project Revenues and the payment of interest and principal; authorizing certain amendments to the 1975 General Ordinance that will take effect at such time that all of the Bonds currently outstanding under the 1975 General Ordinance are redeemed or defeased; and authorizing covenants and actions in order that the 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 of Philadelphia (the "City"), to borrow, by the issuance and sale of Gas Works Revenue Bonds of the City of Philadelphia (the "Bonds"), in one or more series or subseries and with such relative priorities as they 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 1975, Bill No. 1871 (approved May 30, 1975), as amended (the "1975 General Ordinance"), a sum or sums which in the aggregate shall not exceed the principal amount of Bonds authorized to be issued hereunder, to be expended as provided in Section 2 of this Ordinance. The Bonds shall be sold, from time to time, at...