Philadelphia City Council Approves Plan to Refinance Water Wastewater Bonds with New Revenue Issuance

Official:Constituting the Tenth Supplemental Ordinance to the Restated General Water and Wastewater Revenue Bond Ordinance of 1989, as supplemented; authorizing the Bond Committee, or a majority of them, to issue and sell, from time to time, either at public or private sale in one or more series or subseries, Water and Wastewater Revenue Refunding Bonds of the City of Philadelphia; authorizing approval of the form or forms of Bonds; providing that the Bonds shall bear interest at a prescribed fixed rate or rates or at variable rates which may be payable in different modes, and authorizing agreements to provide credit enhancement or payment or liquidity sources or swap payments (or any combination of the foregoing) for the Bonds and certain outstanding bonds and certain other actions; authorizing the Director of Finance of the City to take certain actions with regard to the sale of such Water and Wastewater Revenue Refunding Bonds, the investment of proceeds thereof and the City's continuing disclosure obligation; designating the obligations to be refunded from the proceeds of such Water and Wastewater Revenue Refunding Bonds and setting forth the use of proceeds and providing for the application of interest and income earned on such proceeds; determining the sufficiency of the Project Revenues; covenanting the payment of interest and principal (including the payment of any Qualified Swap payments); and supplementing the Restated General Water and Wastewater Revenue Bond Ordinance of 1989.