Philadelphia Bars Public From Mayor’s Investor Meeting

[Purveyor]

Philadelphia Mayor Michael Nutter, whose municipality has the lowest credit rating of the five most-populous U.S. cities, will address investors at a conference financed by underwriters and closed to the public and the press.

The invitation bills tomorrow’s meeting as a chance to hear “Philadelphia leaders and investors discuss building the city’s future.” In addition to Nutter, a 55-year-old Democrat, speakers will include finance director Rob Dubow and Mark Gale, chief executive officer of Philadelphia International Airport, according to the agenda.

Philadelphia is hoping to attract investors for the city, which is rated three steps above junk by Standard & Poor’s. The city and its authorities have $8.75 billion in outstanding debt as of September, according to bond documents. Philadelphia’s pension system is 47.6 percent funded this year, the documents say.

Tours of city assets are set for the second day of the conference, including the Philadelphia Gas Works, the largest municipally owned natural-gas utility in the U.S. The city plans to hire a broker to steer the sale of the system, which may fetch as much as $496 million, according to Lazard Ltd. (LAZ)

“It is a private meeting,” said Mark McDonald, a spokesman for Nutter. Underwriters pledged to cover the $8,500 cost of the conference, he said by telephone. McDonald said the donors will be made public when the city receives the full amount.

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http://www.bloomberg.com/news/2013-04-17/philadelphia-holds-closed-meeting-with-wall-street.html

[leftyohiolib]

1. sounds like mayor mccheese is getting ready to sell off your assets