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File #: 161014    Version: Name:
Type: Bill Status: ENACTED
File created: 11/17/2016 In control: Committee on Finance
On agenda: Final action: 12/8/2016
Title: Authorizing and approving the execution and delivery of a Service Agreement between the City of Philadelphia and the Philadelphia Authority for Industrial Development relating to the financing of the City of Philadelphia's affordable housing preservation programs, approving the issuance by the Philadelphia Authority for Industrial Development of bonds, notes or other evidences of indebtedness in one or more series, to finance such programs; and authorizing and approving the obligation of the City of Philadelphia to pay in full when due the Service Fee and other amounts payable under the Service Agreement; authorizing certain City officers to take certain actions required to issue bonds, notes or other evidences of indebtedness; covenanting that the City of Philadelphia will make necessary appropriations in each of the City's fiscal years to provide for, and will make timely payments of, the Service Fee and other amounts due under the Service Agreement; and authorizing City officials to...
Sponsors: Council President Clarke, Councilmember Parker, Councilmember Blackwell, Councilmember Johnson
Indexes: BONDS, PAID
Attachments: 1. 161014 - Exhibit Set, As Amended.pdf, 2. CertifiedCopy16101401.pdf
Date Ver.Action ByActionResultAction DetailsVideo
12/20/20161 MAYOR SIGNED  Action details Not available
12/8/20161 CITY COUNCIL READ AND PASSEDPass Action details Not available
12/1/20161 CITY COUNCIL ORDERED PLACED ON THIS DAY`S FIRST READING CALENDAR  Action details Not available
12/1/20161 CITY COUNCIL SUSPEND THE RULES OF THE COUNCILPass Action details Not available
12/1/20161 CITY COUNCIL READ AND ORDERED PLACED ON NEXT WEEK'S SECOND READING CALENDAR  Action details Not available
11/29/20160 Committee on Finance HEARING NOTICES SENT  Action details Not available
11/29/20160 Committee on Finance HEARING HELD  Action details Not available
11/29/20160 Committee on Finance AMENDED  Action details Not available
11/29/20161 Committee on Finance REPORTED FAVORABLY, RULE SUSPENSION REQUESTED  Action details Not available
11/17/20160 CITY COUNCIL Introduced and ReferredPass Action details Not available
Title
Authorizing and approving the execution and delivery of a Service Agreement between the City of Philadelphia and the Philadelphia Authority for Industrial Development relating to the financing of the City of Philadelphia's affordable housing preservation programs, approving the issuance by the Philadelphia Authority for Industrial Development of bonds, notes or other evidences of indebtedness in one or more series, to finance such programs; and authorizing and approving the obligation of the City of Philadelphia to pay in full when due the Service Fee and other amounts payable under the Service Agreement; authorizing certain City officers to take certain actions required to issue bonds, notes or other evidences of indebtedness; covenanting that the City of Philadelphia will make necessary appropriations in each of the City's fiscal years to provide for, and will make timely payments of, the Service Fee and other amounts due under the Service Agreement; and authorizing City officials to take necessary or appropriate actions, all under certain terms and conditions.

Body
WHEREAS, The City of Philadelphia (the "City") and the Philadelphia Authority for Industrial Development ("PAID") have determined that PAID will, at the direction, and with the cooperation, of the City, undertake pursuant to the Service Agreement (as defined herein) to provide financial services to the City through the financing of a project consisting of financing the City of Philadelphia's affordable housing preservation programs (as further described in Exhibit B hereto (the "Programs")); and

WHEREAS, The Council of the City has, by this Ordinance, determined that it is in the best interests of the City to: (i) authorize and approve the execution and delivery of a Service Agreement (the "Service Agreement") by and between the City and PAID; (ii) approve the issuance by PAID of bonds, notes or other evidences of indebtedness in such amount and for such purposes as described in Secti...

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