Philadelphia City Signs Deal to Shine Bright with New Energy-Efficient Street Lighting System

Official:Authorizing and approving the execution and delivery of a Service Agreement between The City of Philadelphia and The Philadelphia Energy Authority relating to the financing of the construction, equipping and installation of an energy efficient City street lighting system and related improvements; approving the issuance by such Authority of bonds, notes or other evidences of indebtedness in one or more series to finance or refinance such project and authorizing and approving the obligation of the City to pay in full when due the Service Fee and other amounts payable under the Service Agreement; authorizing certain City officers to take certain actions required to issue such bonds, notes or other evidences of indebtedness; covenanting that the City will make necessary appropriations in each of the City’s fiscal years to provide for, and will make timely payments of, the Service Fee and other amounts due under the Service Agreement; and authorizing City officials to take other necessary or appropriate actions to effectuate the purposes of this Ordinance; all under certain terms and conditions.