City Refinances Debt with Ability to Refund Bonds and Use Proceeds for Related Costs

Official:Amending Ordinance (Bill No. 190935) of the Council of The City of Philadelphia, approved by the Mayor on December 18, 2019, to authorize the refunding of additional series of outstanding general obligation bonds; authorizing the purchase by The City of Philadelphia, from time to time, of any of its outstanding general obligation debt; authorizing the amendment, novation or termination, from time to time, of any agreement to manage interest costs incurred in connection with The City of Philadelphia’s general obligation debt; further amending said Ordinance (Bill No. 190935) to authorize the payment by The City of Philadelphia from proceeds of general obligation refunding bonds of any required settlement payments and related required amounts in connection with the termination of any such agreements to manage interest costs and additionally authorizing the payment of such settlement payments and related amounts from other legally available funds; and authorizing certain other actions.