Localmedium impact · 6/10substantive260112

Philly Gas Utility Debt Financing Plan

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.

Sponsors: Council President Johnson, Councilmember Gilmore Richardson

Introduced: February 19, 2026

Signed: March 12, 2026

: Committee on Finance

finance infrastructure

Plain-Language Summary

This bill authorizes the City of Philadelphia to issue and sell Gas Works Revenue Notes, which are bonds backed by the revenue from the city's gas works. The notes will be used for financing and have a total principal amount not exceeding $150 million at any one time.

What This Bill Does

AI-written. Every figure is checked against the bill text.

Authorizes the City of Philadelphia to issue and sell Gas Works Revenue Notes with a total principal amount not exceeding $150 million at any one time.
Pledges certain revenues of the Gas Works as security for the notes.
Directs the imposition and collection of rates and charges to comply with a rate covenant, which is adopted as part of the bill.
Establishes a sinking fund and its management, including designation of a fiscal agent and sinking fund depositary.