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City Council OKs Plan for Up to 53 Million Dollar Loan for Major Capital Projects Across Philadelphia

Official:Authorizing the creation of a loan or loans to provide funds for and toward various capital municipal purposes; authorizing the Mayor, City Controller and City Solicitor or a majority of them to sell bonds at public or private negotiated sale; setting forth the capital purposes and the amounts for which the proceeds of the loan or loans will be expended, including reimbursement of City capital expenditures; providing for the maturities and for other terms and conditions and for the form of the bonds; providing that certain bonds may be redeemable prior to maturity; providing sinking funds for the bonds and for appropriations to the Sinking Fund Commission for the payment thereof; authorizing agreements to provide credit or payment or liquidity sources for the bonds and interest rate swaps in connection with issuance of the bonds, and certain other actions; providing for obtaining the consent of the electors to increasing the indebtedness of the City of Philadelphia; and fixing a day for holding the election for obtaining such consent and providing for the arrangements for holding such election.

Sponsor: Councilmember Blackwell

Introduced: March 2, 2006

: Committee on Finance

finance infrastructure

No one voted on this bill

This bill was introduced in the 2004–2007 Council term and when that term ran out. The public record shows no committee vote and no floor vote at any stage, so no member of Council ever went on record for or against it.

That is not unusual here. Of the 8,465 bills introduced between 2000 and 2025, 1,624 lapsed without a single recorded vote. Ninety percent of bills that became law carry a roll call. Three percent of lapsed bills do. How this works.

Plain-Language Summary

This bill authorizes a loan of up to $53 million for various capital projects in Philadelphia, including reimbursing previous city expenditures. The city's full faith and credit are pledged to secure the loan. A public election is required to increase the city's indebtedness.

What This Bill Does

AI-written. Every figure is checked against the bill text.

Authorizes a loan of up to $53 million for various capital projects in Philadelphia, including reimbursing previous city expenditures.
Pledges the city's full faith and credit to secure the loan.
Requires a public election to increase the city's indebtedness.
Allows the Mayor, City Controller, and City Solicitor (or a majority of them) to sell bonds at public or private negotiated sale.