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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