Summary
PICA adopted Resolution No. 2017-11, approving a capital project funding substitution for surplus bond proceeds previously allocated to a 2008 project. The City of Philadelphia determined that the remaining balance of $210,280.52 should be redirected toward a new project involving renovations to mechanical, electrical, and plumbing systems. PICA staff reviewed the financial impact and recommended approval, ensuring compliance with Section 301(e) of the Pennsylvania Intergovernmental Cooperation Authority Act. The resolution authorizes officers to amend financial schedules, obtain legal approvals, and finalize the necessary administrative actions. This ensures that surplus funds are used for essential public infrastructure projects. The resolution takes effect immediately.