PASSED

The enacted bill authorizes changes to the agreement governing the Philadelphia Gas Works (PGW) so the City may provide temporary financing for up to 72 months instead of 24 months, subject to required approvals. It also extends the repayment deadline for a $45 million City advance to PGW to no later than August 29, 2006, while requiring PGW to submit monthly cash-flow, cost-savings, and revenue-collection reports.

Authorizing an amendment of the Philadelphia Facilities Management Corporation Agreement to extend the repayment period for temporary financing that the City may provide the Philadelphia Gas Works under certain terms and conditions, and authorizing the extension of the repayment date of a $45 million temporary advance previously made by the City pursuant to such Agreement.