Philadelphia City Council Passes Airport Bond Financing Overhaul Amid Ongoing Fiscal Reforms

Official:Constituting the Seventh Supplemental Ordinance to the Amended and Restated General Airport Revenue Bond Ordinance; authorizing the Use and Lease Agreements, if any, with the Scheduled Airlines to provide for the use of the alternate definition of "Project Revenues" under the Amended and Restated General Airport Revenue Bond Ordinance; authorizing the Use and Lease Agreements, if any, with the Scheduled Airlines to provide for the alternate definition of "Operating Expenses" under the Amended and Restated General Airport Revenue Bond Ordinance; amending the Amended and Restated General Airport Revenue Bond Ordinance to make changes therein to conform to the new Airline-Airport Use and Lease Agreements, if any; electing under the Amended and Restated General Airport Revenue Bond Ordinance to provide for the use of the alternate definition of "Project Revenues"; electing under the Amended and Restated General Airport Revenue Bond Ordinance to provide for the use of the alternate definition of "Operating Expenses"; authorizing the Bond Committee to pledge as Project Revenues under the Amended and Restated General Airport Revenue Bond Ordinance all revenues, rents, rates, tolls or other charges generated by or allocable to the Outside Terminal Area; and authorizing the Bond Committee to include in the definition of "Operating Expenses" all costs and expenses allocable to the Outside Terminal Area to the extent that the Bond Committee determines to pledge as Project Revenues under the Amended and Restated General Airport Revenue Bond Ordinance all revenues, rents, rates, tolls or other charges generated by or allocable to the Outside Terminal Area.