Official:Authorizing, generally, the continued issuance and sale by the City of Philadelphia of Gas Works Revenue Notes of the City, prescribing the forms of notes and providing for their execution and payment, pledging certain revenues of the Gas Works as security, adopting a rate covenant and directing the imposition and collection of rates and charges sufficient to comply therewith, prescribing the conditions precedent to the issuance of specific series of notes, including a resolution passed by the Bond Committee providing for establishment of credit support for notes, providing for designation of a fiscal agent and sinking fund depositary, providing for establishment of a sinking fund and its management, providing remedies upon default, and providing for amendments and modifications.
Sponsor: Councilmember Tasco
Introduced: January 28, 2010
Signed: March 4, 2010
: Committee on Finance
Status: Signed into Law, step 4 of 4
This bill allows the City of Philadelphia to continue issuing and selling Gas Works Revenue Notes, which are used to finance city projects related to gas works.
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