Summary
PICA adopted Resolution No. 2019-09, approving initial steps for a potential bond refunding transaction aimed at refinancing its Special Tax Revenue Refunding Bonds from 2009 and 2010. The resolution allows the Executive Director and Chairperson to solicit proposals and evaluate financial advisors, bond counsel, and other necessary service providers. These actions ensure that PICA can move forward efficiently if refunding proves financially beneficial. However, final approval of any service contracts requires a future vote by the Board. The resolution also authorizes officers to engage with rating agencies and the City of Philadelphia to assess financial impacts. This resolution takes effect immediately.