Authorizing and approving the execution and delivery of a Service Agreement between The City of Philadelphia, Pennsylvania and The Philadelphia Energy Authority relating to the financing of the construction, equipping, installation and implementation of energy conservation improvements and other measures designed to reduce energy, water, wastewater, or other consumption or operating costs at specified properties owned or leased, and operated, by the City; approving the issuance by such Authority of bonds, notes or other evidences of indebtedness in one or more series to finance or refinance the costs of such project and authorizing and approving the obligation of the City to pay in full when due the Service Fee and other amounts payable under the Service Agreement; authorizing certain City officers to take certain actions required to issue such bonds, notes or other evidences of indebtedness; covenanting that the City will make necessary appropriations in each of the City’s fiscal years to provide for, and will make timely payments of, the Service Fee and other amounts due under the
Summary
This ordinance authorizes the City of Philadelphia to enter into a Service Agreement with the Philadelphia Energy Authority (PEA) to finance energy conservation improvements across 14 specified city-owned or leased properties. The PEA will issue bonds, notes, or other debt instruments, not to exceed $40,000,000, to fund these improvements, which aim to reduce energy, water, and wastewater consumption. The City is obligated to pay a 'Service Fee' to the PEA to cover the debt service on these obligations. The City will begin making appropriations for these payments in Fiscal Year 2027. The specified properties include major city buildings like 1400 JFK Boulevard and 1301 Filbert Street, as well as several other locations across the city.
This initiative aims to reduce the city's operating costs through energy efficiency upgrades, which could lead to long-term savings that benefit taxpayers. Residents may see improved energy and water efficiency in city facilities.
high