PASSED

This enacted bill increases the maximum amount of Philadelphia Gas Works revenue notes that may be outstanding at one time from $150 million to $200 million, with the higher limit applying after the maturity of the latest installment currently outstanding under the 2005 ordinance. It also authorizes related changes to the agreement governing the management and operation of the Philadelphia Gas Works, including allowing temporary financing of accounts receivable and inventory up to the same limits.

Amending Bill No. 051138 (approved December 22, 2005), entitled "Authorizing, generally, the continued issuance and sale by the City of Philadelphia of Gas Works Revenue Notes of the City, prescribing the forms of notes and providing for their execution and payment, pledging certain revenues of the Gas Works as security, adopting a rate covenant and directing the imposition and collection of rates and charges sufficient to comply therewith, prescribing the conditions precedent to the issuance of specific series of notes, including a resolution passed by the Bond Committee providing for establishment of credit support for notes, providing for designation of a fiscal agent and sinking fund depositary, providing for establishment of a sinking fund and its management, providing remedies upon default, and providing for amendments and modifications," to increase the aggregate principal amount of Gas Works Revenue Notes that may be outstanding at any one time; and authorizing an amendment to ...