City Council Approves Plan to Issue Revenue Bonds for Gas Works Upgrades Across Philadelphia

Official:Constituting the Fifth 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, Fourth Series (1998 Ordinance), of the City of Philadelphia, in one or more subseries (the "Fourth Series Bonds") to be issued to pay the cost of certain capital projects and other Project Costs, as hereinafter more particularly described, and authorizing the application of proceeds of the Fourth Series Bonds for such purposes; authorizing the City of Philadelphia to obtain credit enhancement for the Fourth Series Bonds; authorizing the City of Philadelphia to enter into Qualified Swap Agreements or Exchange Agreements with respect to the Fourth Series Bonds; determining the sufficiency of Gas Works Revenues; covenanting the separation of Gas Works revenue accounts and proceeds of the Fourth Series Bonds from general accounts of the City of Philadelphia; covenanting the payment of interest and principal on and specifying the purposes of the Fourth Series Bonds; authorizing covenants and actions in order that the Fourth Series Bonds shall not be arbitrage bonds; authorizing the Fourth 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1998 General Ordinance and that the provisions of the 1998 General Ordinance, to the extent not modified, amended or superseded by this Ordinance, are applicable.