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File #: 170623    Version: 0 Name:
Type: Bill Status: ENACTED
File created: 6/15/2017 In control: Committee on Finance
On agenda: Final action: 9/14/2017
Title: Authorizing the Bond Committee to sell bonds at public or private negotiated sale, to provide funds toward various capital municipal purposes; providing for appropriations to the Sinking Fund Commission for the payment of such bonds; authorizing agreements to provide credit or payment or liquidity sources for the bonds 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; and fixing a day and providing for arrangements for holding the election for obtaining such consent.
Sponsors: Council President Clarke, Councilmember Blackwell
Indexes: SINKING FUND COMMISSION
Attachments: 1. Bill No. 17062300.pdf, 2. CertifiedCopy17062300.pdf
Date Ver.Action ByActionResultAction DetailsVideo
9/14/20170 CITY COUNCIL READ AND PASSEDPass Action details Not available
9/14/20170 MAYOR SIGNED  Action details Not available
6/22/20170 CITY COUNCIL SUSPEND THE RULES OF THE COUNCILPass Action details Not available
6/22/20170 CITY COUNCIL ORDERED PLACED ON THIS DAY`S FIRST READING CALENDAR  Action details Not available
6/22/20170 CITY COUNCIL READ AND ORDERED PLACED ON NEXT WEEK'S SECOND READING CALENDAR  Action details Not available
6/21/20170 Committee on Finance HEARING NOTICES SENT  Action details Not available
6/21/20170 Committee on Finance HEARING HELD  Action details Not available
6/21/20170 Committee on Finance REPORTED FAVORABLY, RULE SUSPENSION REQUESTED  Action details Not available
6/15/20170 CITY COUNCIL Introduced and ReferredPass Action details Not available
Title
Authorizing the Bond Committee to sell bonds at public or private negotiated sale, to provide funds toward various capital municipal purposes; providing for appropriations to the Sinking Fund Commission for the payment of such bonds; authorizing agreements to provide credit or payment or liquidity sources for the bonds 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; and fixing a day and providing for arrangements for holding the election for obtaining such consent.

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 ONE HUNDRED SEVENTY-TWO MILLION DOLLARS ($172,000,000.00), to be expended as provided in Section 2 of this Ordinance; provided, however, that the authority to increase the City's indebtedness as herein contained shall not be effective unless the electors shall give their consent thereto at a public election to be held on November 7, 2017 and the results of such election shall have been filed in and certified by the Office of Prothonotary. Each issue of bonds authorized by this Ordinance may be sold at a private negotiated sale, or at a public sale to the highest responsible bi...

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