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City Treasurer’s Office

TEFRA Notices

About

This page publishes notices of certain hearings being held by or on behalf of the City of Philadelphia as required by section 147(f) of the Internal Revenue Code and regulations promulgated thereunder. Such hearings are conducted for the purpose of receiving public comment with respect to the proposed issuance of tax-exempt bonds.


Notice of public hearing

Notice is hereby given that the City of Philadelphia, Pennsylvania (the “City”) will hold a public hearing on November 12, 2024 at 10:00 am (“Public Hearing”) at the office of the City Treasurer in the Municipal Services Building, 1401 John F. Kennedy Boulevard, Sixth Floor, Philadelphia, PA 19102 (City Treasurer’s Conference Room, Suite 640).  The purpose of the Public Hearing is to take action with respect to the proposed plan of financing and refinancing by the City involving the issuance of one or more series and subseries of its Airport Revenue Commercial Paper Notes (the “Notes”).

Project Location: Philadelphia International Airport, 8500 Essington Avenue, Philadelphia, PA 19153 (“PHL”) and Philadelphia Northeast Airport, 9800 Ashton Road, Philadelphia PA 19114 (“PNE” together with PHL, the “Airport System”).

Project Description: The Notes may be issued for one or more of the following projects of the Airport System: (i) capital improvements to be financed and refinanced including various improvements to PHL as may, from time to time, heretofore have been, or hereafter be, included in the capital budget of the City; the construction of such other improvements to, and facilities at PHL, and the acquisition, demolition or replacement of such other real property or property of a capital nature for use in the operation, maintenance and administration of PHL as the City’s Director of Aviation or designee may, from time to time, deem necessary or desirable for the prudent management of PHL and secure, to the extent required by the Home Rule Charter, the approval of City Council therefor; (ii) capital improvements to be financed and refinanced including various improvements to PNE as may, from time to time, heretofore have been, or hereafter be, included in the capital budget of the City; the construction of such other improvements to, and facilities at PNE, and the acquisition, demolition or replacement of such other real property or property of a capital nature for use in the operation, maintenance and administration of PNE as the City’s Director of Aviation or designee may, from time to time, deem necessary or desirable for the prudent management of PNE and secure, to the extent required by the Home Rule Charter, the approval of City Council therefor; (iii) the payment or defeasance of maturing Notes issued as described in parts (i) and (ii) hereof; and/or (iv) for payment or defeasance of notes issued in connection with the City’s outstanding Airport revenue commercial paper notes, consisting of Series A-1; Series A-2; Series A-3 Notes; Series B-1; Series B-2; Series B-3 Notes; Series C-1; Series C-2 and Series C-3 Notes, each of such shall not exceed $500,000,000 outstanding at any one time.

Project Owner: City of Philadelphia, Pennsylvania.

Maximum Amount of Notes: The aggregate maximum amount of Notes outstanding at any one time will not exceed $500,000,000 (exclusive of costs of issuance, including underwriters’ discount, original issue discount, capitalized interest, funding of deposits to the sinking fund reserve account, if any, and certain other items).

Members of the public may appear in person, or by attorney, at the Public Hearing to provide information and make statements concerning the foregoing applications.  The Notes will be limited obligations of the City payable from certain revenues to be received by the City from the operation of the Airport System.

This Notice is given to comply with the provisions of Section 147(f) of the Internal Revenue Code of 1986, as amended.


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