COUNCIL OF THE CITY OF PHILADELPHIA COMMITTEE ON FINANCE - - - Room 400, City Hall Philadelphia, Pennsylvania Thursday, September 27, 2007 9:35 a.m. - - - PRESENT: COUNCILWOMAN JANNIE BLACKWELL, CHAIR COUNCILWOMAN BLONDELL REYNOLDS BROWN COUNCILMAN FRANK DiCICCO COUNCILMAN W. WILSON GOODE, JR. COUNCILMAN WILLIAM GREENLEE COUNCILMAN BRIAN J. O'NEILL COUNCILMAN JUAN RAMOS COUNCILMAN DANIEL SAVAGE COUNCILWOMAN MARIAN B. TASCO BILL 070670 - An ordinance authorizing the creation of a loan or loans to provide funds for and toward various capital municipal purposes... - - - V A R A L L O Incorporated Litigation Support Services Eleven Penn Center 1835 Market Street, Suite 600 Philadelphia, Pennsylvania 19103 215.561.2220 215.567.2670 2
Good morning. Thank you very much for being here. We will now consider Bill No. 5 070670 before our City Council Committee on Finance. We are now calling this meeting into session. We do have a quorum. To my left, Councilwoman Blondell Reynolds Brown. To her right, Councilman Brian O'Neill. Certainly we have Councilman Savage to my left, Councilman Greenlee to my right, Councilman W. Wilson Goode and Councilman Frank DiCicco. We are all here, and we will ask the Clerk to read the title of the bill.
Good morning. Bill 18 070670, an ordinance authorizing the creation of a loan or loans to provide funds for and toward various capital municipal purposes; authorizing the Mayor, City Controller and City Solicitor or a majority of them to sell bonds at public or private negotiated sale; setting forth the capital purposes and 3 9/27/07 - FINANCE - BILL 070670 the amounts for which the proceeds of the loan or loans will be expended, including reimbursement of City capital expenditures; providing for the maturities and for other terms and conditions and for the form of the bonds; providing that certain bonds may be redeemable prior to maturity; providing sinking funds for the bonds and for appropriations to the Sinking Fund Commission for the payment thereof; authorizing agreements to provide credit or payment or liquidity sources for the bonds and interest rate swaps in connection with issuance of the bonds and certain other actions; providing for obtaining the consent of the electors to increasing the indebtedness of the City of Philadelphia; and fixing a day for holding the election for obtaining such consent and providing for the arrangements for holding such election.
Thank you very much. 4 9/27/07 - FINANCE - BILL 070670 Does anyone on the Committee have anything they would like to say with regard to the bill? (No response.)
If not, we will call on Vince Jannetti, Director of Finance, to make his statement.
Good morning, Councilwoman Blackwell and members of the Finance Committee. My name is Vince Jannetti. I'm the Acting Director of Finance for the City. With me are various officials from the Finance Director's Office and the Capital Program Office, I think. I am here today to testify in support of Bill No. 070670, which was introduced on September 20, 2007. The purpose of this bill is to obtain approval from Council to place a loan authorization question on the General Election ballot on Tuesday, November 6, 2007. The loan question 5 9/27/07 - FINANCE - BILL 070670 requests an increase in indebtedness from the electorate in an amount not to exceed $55,090,000 to fund the City's Fiscal 2008 Capital Budget, which was approved by City Council in the spring. State law requires the City to place a question before the electorate during an election to increase its borrowing authority. The loan authorization, if approved, would finance capital projects classified for the following purposes and in the following aggregate amounts: For transit projects, $3,682,000; for streets and sanitation, $13,987,000; for municipal buildings, $20,672,000; for parks, recreation and museums, $14,419,000; and for economic and community development projects, $2,330,000. In order to provide appropriate time to advertise the ballot question prior to November 6, 2007, the General Election, the bill should be enacted by Council no later than October 4, 2007. 6 9/27/07 - FINANCE - BILL 070670 Therefore, at this time, I respectfully request suspension of the rules to allow for first reading of this bill at Council's next session, hopefully with final passage on October 4, 2007. Attached as part of my testimony is the proposed ballot question requesting a loan authorization from the electorate of the City. This concludes my written testimony. I would be happy to answer any questions Council or the Committee may have.
Thank you very much. The Chair notes that Councilwoman Tasco is likewise present. Councilman Ramos is here as well. And so all members of the Finance Committee are present and accounted for. Are there any questions or statements by members of this Committee? (No response.)
Seeing 7 9/27/07 - FINANCE - BILL 070670 none, we will end the meeting part and enter -- we will conclude the hearing and enter our meeting. The Chair recognizes Councilman Greenlee for a motion.
Thank you, Madam Chair. I move that Bill No. 9 070670 be moved out of this Committee with a favorable recommendation and that the rules of Council be suspended to allow for first reading at the next session of Council. (Duly seconded.)
It has been moved and seconded that Bill No. 17 070670 be reported out of Committee with a favorable recommendation and also that the rules of Council be suspended so as to permit first consideration at our next session of Council. All in favor will say aye. (Aye.)
Opposed? 8 9/27/07 - FINANCE - BILL 070670 (No response.)
The ayes have it and so this bill is passed and reported out. Let me thank you all for coming. Thank you for being prompt. And our business is concluded. Thank you. (Committee on Finance adjourned at 9:40 a.m.) - - - 9 CERTIFICATE I HEREBY CERTIFY that the proceedings, evidence and objections are contained fully and accurately in the stenographic notes taken by me upon the foregoing matter on September 27, 2007, and that this is a true and correct transcript of same. ______________________________ MICHELE L. MURPHY RPR-Notary Public (The foregoing certification of this transcript does not apply to any reproduction of the same by any means, unless under the direct control and/or supervision of the certifying reporter.)