Investor information
The City of Philadelphia makes financial information publicly available for interested investors.
About
The City of Philadelphia makes financial information publicly available for interested investors. This information includes financial reports, bond ratings, and a debt issuance calendar.
Underwriter pool
The City of Philadelphia has selected senior manager and co-manager underwriting pools through the Request for Qualifications issued in February 2021. See the memorandum (PDF) for more information.
Debt types
General obligation debt
The City can issue general obligation debt subject to voter approval and the Commonwealth Constitution. This debt is backed by the full faith, credit, and taxing power of the City. The City's general obligation debt is limited to 13.5% of the average of the assessed value of taxable real property for the previous 10 years. Debt greater than 3% of this average has to get voter approval.
Contract and lease debt
The City issues tax-supported obligations through the use of its related authorities. These authorities are the:
- Philadelphia Authority for Industrial Development.
- Philadelphia Municipal Authority.
- Redevelopment Authority of the City of Philadelphia.
- Philadelphia Energy Authority.
This debt is repaid through annual rental payments from the City’s General Fund to the related authorities to cover debt service. Under these agreements, the City agrees to budget and appropriate for rental payments. The City's obligation to make rental payments is unconditional. Also, some city enterprise funds have issued debt through the City's related authorities.
Revenue bonds
The City oversees the issuing of revenue bonds for:
- The Philadelphia Water Department.
- The Philadelphia International Airport.
- Philadelphia Gas Works.