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File #: 171110-A    Version: Name:
Type: Bill Status: ENACTED
File created: 12/14/2017 In control: Committee on Finance
On agenda: Final action: 4/12/2018
Title: Constituting the Twenty-First Supplemental Ordinance to the Restated General Water and Wastewater Revenue Bond Ordinance of 1989, as amended and supplemented (the "General Ordinance"), providing for certain amendments to the General Ordinance under certain terms and conditions.
Sponsors: Council President Clarke, Councilmember Blackwell
Indexes: BONDS
Attachments: 1. CertifiedCopy171110-A02.pdf
Date Ver.Action ByActionResultTallyAction DetailsVideo
4/24/20182 MAYOR SIGNED   Action details Not available
4/12/20182 CITY COUNCIL READ AND PASSEDPass16:0 Action details Not available
4/5/20181 CITY COUNCIL READ   Action details Not available
4/5/20182 CITY COUNCIL AMENDED   Action details Not available
4/5/20182 CITY COUNCIL ORDERED PLACED ON FINAL PASSAGE CALENDAR FOR NEXT MEETING.   Action details Not available
3/22/20181 CITY COUNCIL ORDERED PLACED ON THIS DAY`S FIRST READING CALENDAR   Action details Not available
3/22/20181 CITY COUNCIL SUSPEND THE RULES OF THE COUNCILPass  Action details Not available
3/22/20181 CITY COUNCIL READ AND ORDERED PLACED ON NEXT WEEK'S SECOND READING CALENDAR   Action details Not available
3/19/20180 Committee on Finance HEARING NOTICES SENT   Action details Not available
3/19/20180 Committee on Finance HEARING HELD   Action details Not available
3/19/20180 Committee on Finance AMENDED   Action details Not available
3/19/20181 Committee on Finance REPORTED FAVORABLY, RULE SUSPENSION REQUESTED   Action details Not available
12/14/20170 CITY COUNCIL Introduced and ReferredPass  Action details Not available
Title
Constituting the Twenty-First Supplemental Ordinance to the Restated General Water and Wastewater Revenue Bond Ordinance of 1989, as amended and supplemented (the "General Ordinance"), providing for certain amendments to the General Ordinance under certain terms and conditions.

Body
THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS:

SECTION 1. Amendment of Section 2.01 of the General Ordinance. Section 2.01 of the Restated General Water and Wastewater Revenue Bond Ordinance of 1989, as amended and supplemented (the "General Ordinance"), entitled Definitions is hereby amended, as follows.

(a) The defined term "Balloon Bonds" is added after "Act" as set forth below.

"Balloon Bonds" means any Series of Bonds, or any portion of a Series of Bonds, designated by a Determination as Balloon Bonds, (a) 25% or more of the principal payments (including mandatory sinking fund payments) of which are due in a single year, or (b) 25% or more of the principal of which may, at the option of the holder or holders thereof, be redeemed at one time; provided, however that a Variable Rate Bond that is able to be redeemed at the option of the Holder shall not constitute a Balloon Bond.


(b) The definition of "Credit Facility" is restated in its entirety as set forth below.

"Credit Facility" means any letter of credit, standby bond purchase agreement, line of credit, surety bond, insurance policy or other insurance commitment or similar agreement (other than a Qualified Swap or an Exchange Agreement) that is provided by a commercial bank, insurance company or other institution.

(c) The defined term "Debt Reserve Facility" is added after "Debt Reserve Account" as set forth below.

"Debt Reserve Facility" has the meaning set forth in Section 4.09(e) hereof.

(d) The definition of "Debt Reserve Requirement" is restated in its entirety as set forth below.

"Debt Reserve Requirement" means (...

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