City of Philadelphia Authorized to Issue Up to $125 Million in Airport Revenue Bonds

Official:Constituting the Fifth Supplemental Ordinance to the Amended and Restated General Airport Revenue Bond Ordinance; authorizing the Mayor, the City Controller and the City Solicitor, or a majority of them, to issue Airport Revenue Bonds, of the City of Philadelphia, in a maximum aggregate principal amount not to exceed one hundred twenty-five million dollars ($125,000,000) exclusive of certain items, and in the event the Airport Revenue Bonds are issued with such items, authorizing an increase in the aggregate principal amount of such Airport Revenue Bonds, so issued, by the amount of such items; setting forth the use of proceeds; determining the sufficiency of pledged Amounts Available for Debt Service; covenanting for the payment of interest and principal; authorizing the Bond Committee to take certain action with regard to the terms and conditions of the Airport Revenue Bonds and related agreements and the elections under the Amended and Restated General Airport Revenue Bond Ordinance; authorizing the Director of Finance to take certain actions with regard to the sale of such Airport Revenue Bonds, the investment of the proceeds thereof and the City's continuing disclosure obligation; specifying applicability of Sections of The First Class City Revenue Bond Act and the Amended and Restated General Airport Revenue Bond Ordinance; and amending the Amended and Restated General Airport Revenue Bond Ordinance to provide for authorization of Qualified Swaps or Exchange Agreements by Resolution of the City Council, provided only that, if the City Council does not meet within fifteen days after a request to enter into a Qualified Swap or Exchange Agreement is filed with the Chief Clerk, such Qualified Swap or Exchange Agreement may be authorized by the President of the City Council.