Financing Role

PICA issued $24.99 million in Special Tax Revenue Refunding Bonds (Series 2020) on a forward delivery basis to refund the 2010 Bonds. These bonds are secured by the same pledged revenues as prior PICA bonds and are subject to a delayed delivery closing date.

The 2019 Bonds were issued to refund the outstanding 2009 Bonds, while the 2020 Bonds were structured as a forward delivery issuance to refund the 2010 Bonds. These bonds were secured through an Amended and Restated Indenture of Trust, with proceeds allocated for bond repayment and issuance costs.

S&P reaffirmed PICA’s 'AAA' rating, highlighting its strong ownership of pledged revenues, which are segregated from both city and state funds. The agency cited the tax revenue's stability and Philadelphia’s improving economy as key factors.

S&P affirmed its 'AAA' rating for PICA's 2009 and 2010 special tax revenue bonds, citing the strong lien on a dedicated wage tax and declining debt service requirements. The agency views PICA's oversight role and the non-appropriable nature of the pledged revenues as key strengths.

Fitch Ratings upgraded PICA's special tax revenue refunding bonds from 'AA+' to 'AAA' due to strong economic underpinnings, robust coverage, and a secure legal framework. The bonds are backed by a 1.5% wage tax on city residents, with revenues entirely separate from both the City of Philadelphia and the Commonwealth of Pennsylvania.

The 2010 Bond Issuance Documents contain the Amended and Restated Indenture of Trust between the Pennsylvania Intergovernmental Cooperation Authority (PICA) and Meridian Bank as trustee, covering the issuance and management of bonds. It outlines the authorization, payment mechanisms, security pledges, and covenants related to these bonds, ensuring compliance with financial and legal obligations.

The document contains the Amended and Restated Indenture of Trust between the Pennsylvania Intergovernmental Cooperation Authority (PICA) and Meridian Bank as Trustee. It outlines the authorization, terms, and security provisions of the bond issuance, including the payment structure, rights of bondholders, and financial covenants.

The document outlines the issuance of $214,565,000 Special Tax Revenue Refunding Bonds by the Pennsylvania Intergovernmental Cooperation Authority (PICA) to support Philadelphia.

The document outlines the Amended and Restated Indenture of Trust between the Pennsylvania Intergovernmental Cooperation Authority (PICA) and Meridian Bank, serving as the Trustee. It details the authorization, issuance, and repayment structure of bonds used to finance deficits and capital projects for the City of Philadelphia.

The document outlines the Amended and Restated Indenture of Trust between PICA and Meridian Bank as Trustee, governing the issuance and repayment of bonds. It details the security structure, payment mechanisms, and legal covenants ensuring compliance with tax and financial regulations.

The document outlines financial agreements related to PICA's 1999 bond issuance, including an interest rate swap transaction with JPMorgan Chase. It details payment schedules, notional amounts, and swap rate structures, along with provisions for termination and settlement.