Philadelphia Council OKs Plan to Sell New Gas Works Bonds Worth Millions Annually

Official:Constituting the Fourteenth Supplemental Ordinance to the General Gas Works Revenue Bond Ordinance of 1998 (the "1998 General Ordinance"); authorizing the City of Philadelphia, Pennsylvania (the "City") to sell, either at public or private sale, one or more series of Gas Works Revenue Bonds (the "Bonds") and Gas Works Revenue Bonds to refund such Bonds, and one or more series of Gas Works Revenue Notes (the "Notes") and Gas Works Revenue Bonds or Notes to refund such Notes; to pay the costs of certain capital projects and other Project Costs; authorizing the City to obtain credit enhancement for any Series of the Bonds or Series of Notes; making certain determinations and covenants relating to Gas Works Revenues and the payment of interest and principal; and authorizing covenants and actions in order that the Bonds and Notes shall not be arbitrage bonds; all under certain terms and conditions.