PASSED

The enacted measure amended the agreement governing the Philadelphia Gas Works to allow the City to provide temporary advances of up to $45 million. The advance required approval from the Finance Director and Philadelphia Gas Commission, was subject to limits and monthly reporting, and had to be repaid within 24 months and no later than June 30, 2003.

Authorizing the amendment of the Philadelphia Facilities Management Corporation Agreement to provide for a temporary change in the amount of temporary financing that the City may provide to the Philadelphia Gas Works under certain terms and conditions, and authorizing the temporary advance of up to $45,000,000 to the Philadelphia Gas Works pursuant to that Agreement under certain terms and conditions.