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 THIRTY FOUR MILLION DOLLARS ($134,000,000.00), 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 3, 2020 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 bidder as au...
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