Approving a revised base payment obligation of the Philadelphia Gas Works to the City under the December 29, 1972, Agreement between the City and the Philadelphia Facilities Management Corporation, as amended, for Fiscal Year 2004.

THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS:

Section 1. Pursuant to subparagraph (1)(b)(i) of Section VII of the December 29, 1972, Agreement between the City and the Philadelphia Facilities Management Corporation, as amended, the Philadelphia Gas Works' base payment in the amount of $18,000,000 in aggregate annual principal, and interest on such base amount, is reduced to $0 (zero dollars), for Fiscal Year 2004 only.

Section 2. The Director of Finance is hereby authorized to execute any documents necessary to carry out the purpose of Section 1 of this Ordinance, which document(s) shall include such terms as deemed necessary by the City Solicitor to protect the interest of the City.

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