PICA approved its FY2021 Operating Budget, ensuring continued funding for the Authority’s financial oversight activities. The approved budget will be submitted to the Governor and General Assembly of Pennsylvania.

PICA retained Charles Swanson to review and analyze revenue assumptions in the City’s FY2021-FY2025 Five-Year Financial Plan for a fee not exceeding $9,000. This engagement supports PICA’s role in ensuring the reasonableness of financial projections.

PICA approved the City of Philadelphia’s FY2020-FY2024 Five-Year Financial Plan, confirming that it meets statutory requirements. The approval ensures that the City’s financial projections and budget planning align with legal and fiscal standards.

PICA selected legal and investment banking firms to provide professional services for the 2019 Refunding Bonds transaction. The Executive Director was authorized to finalize contracts and terms within specified fee limits.

PICA authorized the issuance and sale of refunding bonds to refinance outstanding 2009 and 2010 bonds, achieving debt service savings. The resolution approves bond terms, authorizes the execution of financial agreements, and ensures compliance with the Pennsylvania Intergovernmental Cooperation Authority Act.

PICA retained Parker Bond Consulting to provide arbitrage rebate consulting services for the calculation period ending June 30, 2019. The contract, valued at $4,000, ensures compliance with federal tax regulations regarding bond proceeds.

PICA approved the official meeting schedule for FY2020 and set the date for its FY2021 annual meeting, ensuring compliance with the Pennsylvania Sunshine Act. The resolution formalizes meeting dates and locations for the Authority’s fiscal year.

PICA elected its officers for a one-year term, appointing Mr. Vaughan as Chairperson, Mr. Kessler as Vice Chairperson, Mr. Karp as Secretary/Treasurer, and Mr. Cawley as Assistant Secretary/Treasurer. This election, held at the Board’s annual meeting, aligns with PICA’s bylaws and statutory requirements.

PICA approved a settlement agreement in the LIBOR interest rate manipulation lawsuit and authorized the execution of related legal documents. This resolution ensures the resolution of claims against one defendant while maintaining PICA’s involvement in ongoing litigation.

PICA appointed U.S. Bank as the new investment advisor/manager and custodian for its Swap Reserve Fund, replacing Morgan Stanley. This decision ensures continued proper management of approximately $14 million in reserves related to the Authority’s outstanding interest rate swap agreements.

PICA retained Phoenix Capital Partners, LLP and PFM Financial Advisors LLC to serve as financial advisors for a potential bond refunding transaction. The selection was made after a competitive RFP process to support PICA in evaluating and structuring the refunding.

PICA reappointed Harvey M. Rice as Executive Director, extending his term to continue overseeing the Authority’s financial oversight responsibilities. His appointment remains in effect until a successor is appointed or his term is otherwise concluded.