Title
Further amending Bill No. 070368, entitled "An Ordinance approving the Fiscal Year 2008 Capital Budget providing for expenditures for the capital purposes of the Philadelphia Gas Works (including the supplying of funds in connection therewith) subject to certain constraints and conditions, and acknowledging receipt of the Forecast of Capital Budgets for Fiscal Years 2009 through 2013", as previously amended by Bill No. 080076, by approving a further revised Capital Budget for Fiscal Year 2008.
Body
WHEREAS, Section IV.2.b. of the Agreement Between The City Of Philadelphia And The Philadelphia Facilities Management Corporation For The Management And Operation Of The Philadelphia Gas Works ("Management Agreement") requires the Philadelphia Facilities Management Corporation ("PFMC") to prepare annually for the Philadelphia Gas Works ("PGW") a proposed capital budget for the ensuing year and a forecast for the six (6) years comprising the ensuing budget year and the five (5) years next following; and
WHEREAS, Section IV.2.b. of the Management Agreement also requires that the proposed capital budget and forecast be submitted to the Director of Finance and the Gas Commission for their review and for submission of said budget and forecast, together with their recommendations thereon, to City Council for its approval; and
WHEREAS, Section IV.2.c. of the Management Agreement requires that all PGW expenditures be made pursuant to approved budgets; and
WHEREAS, a Fiscal Year ("FY") 2008 Capital Budget for PGW in the "not-to-exceed" amount of seventy million six hundred forty eight thousand dollars ($70,648,000) was adopted by the City on September 20, 2007; and
WHEREAS, a revised FY 2008 Capital Budget for PGW in the "not-to-exceed" amount of seventy million seven hundred twenty seven thousand dollars ($70,727,000) was adopted by the City on March 12, 2008; and
WHEREAS, on May 1, 2008 PGW filed with the Gas Commission a request to increase the...
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