Official:Authorizing the issuance of one or more series of general obligation bonds to provide funds to refund certain outstanding general obligation bonds of the City of Philadelphia; authorizing the Mayor, City Controller and City Solicitor or a majority of them to sell the bonds at public or private negotiated sale; setting forth the purposes for which the proceeds of the bonds will be expended; providing for the maturities and for other terms and conditions and for the form of the bonds; providing that 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 enhancement or payment or liquidity sources for the bonds, and agreements to manage interest costs and certain other actions.
Sponsor: Councilmember Tasco
Introduced: February 28, 2008
Signed: March 27, 2008
: Committee on Finance
Status: Signed into Law, step 4 of 4
This bill allows the City of Philadelphia to issue general obligation bonds to refund existing debt. The bonds can be sold publicly or privately, and their proceeds will be used for various city projects.
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