Title
Authorizing and approving the execution and delivery of a Supplemental Service Agreement to the Service Agreement between The City of Philadelphia and the Philadelphia Redevelopment Authority relating originally to the financing of a home repair program for City homeowners previously authorized by the City pursuant to Ordinance (Bill No. 170878) of the Council of the City, approved by the Mayor on December 12, 2017; authorizing the amendment of such program to include the Turn the Key Program, bridge and other loans for tax credit projects, and other affordable housing production programs; and authorizing City officials to take other necessary or appropriate actions to effectuate the purposes of this ordinance.
Body
WHEREAS, The City of Philadelphia (the "City") previously requested the Philadelphia Redevelopment Authority (the "Authority") to (i) undertake a home repair program for City Homeowners (as defined in the 2017 Ordinance (hereafter defined)), at the direction and with the cooperation of the City, and in accordance with the 2017 Ordinance; and (ii) issue its revenue bonds to finance certain costs thereof; and
WHEREAS, pursuant to an Ordinance (Bill No. 170878) of the Council of the City (the "City Council"), approved by the Mayor on December 12, 2017 (the "2017 Ordinance"), the City Council: (i) authorized and approved the execution and delivery of a Service Agreement dated as of October 1, 2018 (the "Original Service Agreement"), between the Authority and the City; (ii) approved the issuance from time to time by the Authority of bonds, notes or other evidences of indebtedness (including reimbursement obligations related to lines or letters of credit) in the aggregate principal amount further described therein to finance, among other things, certain costs of the Program (as described in the 2017 Ordinance); and (iii) authorized and approved the performance by the City of its obligation to pay in full when due a Service Fee (as defin...
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