City Officials Get Greenlight to Issue More Bonds for Gas Works Projects and Refund Debt

Official:Constituting the Fourth Supplemental Ordinance to the General Gas Works Revenue Bond Ordinance of 1998 (the "1998 General Ordinance"); authorizing the Mayor, the City Controller and the City Solicitor, or a majority of them, to sell, either at public or private sale, Gas Works Revenue Bonds, Third Series (1998 Ordinance), of the City of Philadelphia, in one or more subseries (the "Third Series Bonds") to be issued to pay (i) the cost of certain capital projects as hereinafter more particularly described, and (ii) the cost of refunding or redeeming all or a portion of certain outstanding Gas Works revenue bonds; and authorizing the application of proceeds of the Third Series Bonds for such purposes; authorizing the City to obtain credit enhancement for the Third Series Bonds; determining the sufficiency of Gas Works Revenues; covenanting the separation of Gas Works revenue accounts and proceeds of the Third Series Bonds from general accounts of the City; covenanting the payment of interest and principal on and specifying the purposes of the Third Series Bonds; authorizing covenants and action in order that the Third Series Bonds shall not be arbitrage bonds; authorizing the Third Series Bonds to be issued in book-entry form and providing book-entry provisions to apply in such case; and providing that this Ordinance is supplemental to the 1998 General Ordinance and that the provisions of the 1998 General Ordinance, to the extent not modified, amended or superseded by this Ordinance, are applicable.