Philadelphia City Council Votes to Issue Bonds for Massive Neighborhood Revitalization Project Downtown

Official:Amending Bill No. 010694, entitled "An Ordinance authorizing and approving (i) the execution and delivery of a Service Agreement between the City of Philadelphia and the Redevelopment Authority relating to a comprehensive neighborhood transformation program for revitalization, renewal, redevelopment and transformation of blighted areas within the City of Philadelphia and other activities to promote the health, safety and welfare of the residents of the City of Philadelphia; (ii) the issuance by the Redevelopment Authority of bonds, notes or other evidence of indebtedness in one or more series, to pay the costs of the neighborhood transformation program; and (iii) the obligation of the City of Philadelphia 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 bonds; covenanting that the City of Philadelphia will make necessary appropriations in each of the City's fiscal years to provide for Service Fee and other amounts due under the Service Agreement; and covenanting that the City of Philadelphia will make payments of the Service Fee and other amounts due under the Service Agreement; all under certain terms and conditions," by providing revised terms and conditions. IMPORTANT NOTE: DUE TO COMPLEX FORMATTING CONTAINED WITHIN THIS DOCUMENT, ALL PRINTED VERSIONS OF THIS DOCUMENT SHOULD BE PRINTED USING THE FILES LINKED TO THE ATTACHMENT BUTTON (TextFile02003600.doc (Pink Bill) TextFile02003601.doc (Amended Pink Bill) ONLY!! THESE ARE THE ONLY VERSIONS WHICH ARE PROPERLY FORMATTED FOR PRINTING.