Philadelphia's Hospitals Authority Seeks Relief From Outdated Debt Burden With New Revenue Bond Issue

Official:Declaring that it is desirable for the health, safety and welfare of citizens of the City of Philadelphia that The Hospitals and Higher Education Facilities Authority of Philadelphia undertake a project involving the current refunding of the Authority's Revenue Refunding Bonds, Series of 1993 (Philadelphia MR Project) that remain outstanding, and to issue and sell Revenue Refunding Bonds for the purpose of financing such refunding project; authorizing the Authority to undertake the refunding project; authorizing the Commissioner of Public Property, on behalf of the City, to enter into a supplemental lease with the Authority providing for such refunding project; providing for the terms of such supplemental lease; covenanting to be bound by the terms of the supplemental lease, providing that the rental payments thereunder do not exceed revenues derived by the City from the operation of the MR Facilities; covenanting to make appropriations in each fiscal year of the City to provide for rental payments due under such supplemental lease, such appropriations to be made solely from revenues derived from the operation of the MR Facilities; covenanting as to the unconditional payment of the supplemental lease rentals; and authorizing the proper officials of the City to take certain actions required to carry out the intent of the ordinance.