Title
Adopting an amendment to the Articles of Incorporation of the Old City Special Services District of Philadelphia to extend the term of that Authority, all under certain terms and conditions.
Body
WHEREAS, Bill No. 970093 (signed into law on May 8. 1997) authorized the organization of an Authority known as the Old City Special Services District of Philadelphia pursuant to the provisions of the Municipality Authorities Act of 1945 (the “Act”); and
WHEREAS, The Authority was created for a term of five years, as set forth in the Articles of Incorporation approved by Bill No. 980238; and
WHEREAS, Bill No. 020737 (signed into law on January 23, 2003) extended the term of the Authority to December 31, 2022; and
WHEREAS, The Authority has proposed and City Council desires to extend the term of the Authority to December 31, 2038, by filing an amendment to the Articles of Incorporation of the Authority; now, therefore
THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS:
SECTION 1. City Council hereby adopts the following amendment to the Articles of Incorporation of the Old City Special Services District of Philadelphia, as proposed by the Board of Directors of the Authority:
Paragraph (e) of the Articles of Incorporation shall be deleted in its entirety and, in lieu thereof, paragraph (e) shall be as follows:
(e) The Authority shall exist for a term which shall commence on the date a certificate of incorporation is issued, as required by the provisions of the Act, by the Secretary of the Commonwealth of Pennsylvania and shall terminate December 31, 2038.
End