PASSED

The enacted bill authorizes changes to the agreement governing the Philadelphia Gas Works (PGW) so the City can extend temporary financing repayment periods from 72 to up to 96 months. It also extends the repayment date for a $45 million advance previously made to PGW to no later than August 31, 2008, while requiring PGW to provide monthly financial and performance reports to City officials and the Gas Commission.

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.