Summary
The 2020 Bonds, totaling $24,990,000, were issued by PICA to refinance the 2010 Bonds through a forward delivery structure, with settlement occurring on March 17, 2020. This approach ensured that the Authority could take advantage of favorable market conditions while maintaining financial stability. The refunding structure required investors to accept a delayed settlement, with funds held in escrow until the redemption date of the 2010 Bonds. The proceeds were used to pay off the outstanding 2010 Bonds, deposit funds into the debt service reserve, and cover issuance costs. The bonds remain backed by the Authority’s pledged revenue streams, ensuring repayment security. This issuance further aligns with PICA’s mission to manage Philadelphia’s financial obligations prudently.