Philadelphia City Council Committee on Finance, 16 Jun 2016

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From YouTube: Philadelphia City Council Committee on Finance 6-16-2016

Description

The Committee on Finance of the Council of the City of Philadelphia held a Public Hearing Thursday, June 16, 2016 to hear testimony on the following item:

160610
An Ordinance 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; authorizing agreements to provide credit or payment or liquidity sources for the bonds 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; and fixing a day and providing for arrangements for holding the election for obtaining such consent.
Immediately

Chair: Jannie Blackwell (3rd District)
Vice chair: Bobby Henon (6th District)

www.phlcouncil.com

A

This is providing for appropriations to the sinking fund commission for the payment of such bonds authorizing agreements to provide credit or payment or liquidity sources for bonds in connection in connection with issuance of bonds and certain other actions providing for the for obtaining the consent of the electors or increasing the indebtedness of the city and fixing a day and providing for arrangements for holding the election for obtaining such consent.

B

Thank you very much exactly and to my left is councilman Greenlee councilman taubenberger councilman, my blonde of Reynolds Brown, and to my right Council of my Maria cannoli Sanchez and Thank You Councilwoman cherelle Parker. Thank you. Thank you very much, mr deburr. Welcome.

C

Blackwell members of the committee, my name, is Rob du Bois I'm, the director of finance, I'm here today to testify in support of bill number 160 610 and I'm joined at a table by palin ten deputy budget director for capital. The purpose of the bill is to obtain approval from council to place a loan authorization question on the general election ballot on November 8 2016, the lone quest the lone question requests an increase in indebtedness in the amount of 180 4.3 million dollars, and that would be used to fund the fiscal 17 capital budget.

C

That's pending approval before City Council state law requires the city to place the question on the ballot before increasing its borrowing.

C

Next paragraph talks about our remaining loan capacity, and you see we're still well within that and then the next paragraph breaks out the the uses of the requested authorization in order to provide appropriate time to advertise the ballot question prior to November. First, we request that the bill be enacted today. Finally, attached is part of this.

C

Testimony is the proposed ballot question requesting loan authorization from the electorate respectfully request that you report the bill out of committee with their favorable recommendation and that the rules of council be suspended to permit first reading at the next session, the council. That concludes my testimony and we're happy to answer any questions you may have. Thank.

B

You very much chair notes. A councilman o is here as well. Thank you Thank You Maria. Are there any questions? Any questions for mr. de bois chair calls on councilman green leaf or motion. Excuse me. We will end the part. We will end this part of our gap of deliberation and where we go we'll go from the hearing to a meeting and the chair recognizes councilman agreement. Thank.

D

You, madam chair I, moved to bill number 160 610, be reporters committee where favorable recommendation and that the rules that council be suspended to allow for first reading our next session of council. Second, it.

B

Has been moved and seconded that bill number 160 610 be reported out of committee with the favorable recommendation and also recommendation that the rules of council be suspended so as to permit first reading at our next session of council, all in favor, say aye aye any opposed the eyes have it, and so the bill was passed. And let me thank all who are here and all who come to testify and all of you in the audience who came just to hear this. Thank.

D

You very much richer.

B