Title
Authorizing and approving the execution and delivery of a Service Agreement between The City of Philadelphia and The Philadelphia Energy Authority relating to the financing of the construction, equipping and installation of an energy efficient City street lighting system and related improvements; approving the issuance by such Authority of bonds, notes or other evidences of indebtedness in one or more series to finance or refinance such project and authorizing and approving the obligation of the City to pay in full when due the Service Fee and other amounts payable under the Service Agreement; authorizing certain City officers to take certain actions required to issue such bonds, notes or other evidences of indebtedness; covenanting that the City will make necessary appropriations in each of the City's fiscal years to provide for, and will make timely payments of, the Service Fee and other amounts due under the Service Agreement; and authorizing City officials to take other necessary or appropriate actions to effectuate the purposes of this Ordinance; all under certain terms and conditions.
Body
WHEREAS, in order to benefit the people of The City of Philadelphia (the "City") by, among other things, increasing their commerce, health, safety and prosperity, the City and The Philadelphia Energy Authority (the "Authority") have determined that the Authority will, at the direction of and with the cooperation of the City, undertake pursuant to the Service Agreement (as defined herein) to provide project development and management services and related administrative services to the City in connection with a project consisting of the construction, equipping and installation of an energy efficient City street lighting system (the "Lighting System") and related improvements, including light emitting dioxide (LED) street lighting, controls and networking, designed to reduce energy consumption or operating costs associated with the Lighting System (the "Project"), in...
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