The City of Philadelphia makes financial information publicly available for interested investors.
The City of Philadelphia makes financial information publicly available for interested investors. This information includes financial reports, bond ratings, and a debt issuance calendar.
The City of Philadelphia has selected senior manager and co-manager underwriting pools through the Request for Qualifications issued in February 2021. See the memorandum (PDF) for more information.
1401 John F. Kennedy Blvd.
Philadelphia, PA 19102
General obligation debt
The City can issue general obligation debt subject to voter approval and the Commonwealth Constitution. This debt is backed by the full faith, credit, and taxing power of the City. The City's general obligation debt is limited to 13.5% of the average of the assessed value of taxable real property for the previous 10 years. Debt greater than 3% of this average has to get voter approval.
Contract and lease debt
The City issues tax-supported obligations through the use of its related authorities. These authorities are the:
- Philadelphia Authority for Industrial Development.
- Philadelphia Municipal Authority.
- Redevelopment Authority of the City of Philadelphia.
This debt is repaid through annual rental payments from the City’s General Fund to the related authorities to cover debt service. Under these agreements, the City agrees to budget and appropriate for rental payments. The City's obligation to make rental payments is unconditional. Also, some city enterprise funds have issued debt through the City's related authorities.
The City oversees the issuing of revenue bonds for:
- The Philadelphia Water Department.
- The Philadelphia International Airport.
- Philadelphia Gas Works.
Policies and procedures
Addresses how the City structures debt issuances, prudent uses for different types of debt financings, and guidelines for bond sales.
Addresses when the City can use swaps, the risks that need to be evaluated, and other swap guidelines.
Related City departments
City of Philadelphia Investor Information disclaimer
As part of the City of Philadelphia's ("the City") dedication to the management of its debt program, the City developed this Investor Information section of its website to provide investors with information pertaining to the financial condition of the City. In addition, this section provides investors with information on the City's bond ratings and its upcoming debt issuance calendar. The information provided on this website does not constitute an offer to sell or buy securities or the solicitation of an offer to sell or buy securities. The information should not be relied upon to provide specific offering information in connection with any issuance, sale, resale, or remarketing of bonds, notes, or other municipal obligations.
Notice to readers
While the information on this website is meant to be helpful, it is not intended to be the basis of a decision to invest in the City's various obligations. Furthermore, the City is under no obligation to update any information included on this website. The Investor Information webpages are provided for the user's convenience, but they may not provide all information that may be of interest to investors. There may be other documents containing relevant information.