Official:Authorizing an increase in the non-electoral indebtedness of the City within the Pennsylvania constitutional limit; authorizing the Bond Committee to sell bonds at public or private negotiated sale, to provide funds toward various capital municipal purposes; providing for appropriations to the Sinking Fund Commission for the payment of such bonds; and authorizing agreements to provide credit or payment or liquidity sources for the bonds in connection with issuance of the bonds, and certain other actions.
Sponsor: Council President Clarke
Introduced: March 9, 2023
Signed: September 14, 2023
: Committee on Finance
Status: Signed into Law, step 4 of 4
The City Council bill allows for a $223 million loan to fund various capital projects in Philadelphia without requiring voter approval. The debt will be repaid through taxes and will not exceed 3% of the city's total debt.
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