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Approving the Fiscal Year 2003 Capital Budget providing for expenditures for the capital purposes of the Philadelphia Gas Works, including the supplying of funds to be obtained in connection therewith, and acknowledging receipt of the Forecast of Capital Budgets for Fiscal Years 2004 through 2008.
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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 ("the Management Agreement") requires the Philadelphia Gas Works ("PGW") to prepare annually 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 in sufficient time for their review and submission of said budget and forecast, together with their recommendations thereon, to City Council no later than the middle of the fourth month preceding the September 1 beginning of the Gas Works' fiscal year so that City Council may act on these filings; and
WHEREAS, Section IV (2)(c) of the Management Agreement provides that all PGW expenditures and commitments be made pursuant to approved budgets; and
WHEREAS, On May 15, 2002, PGW filed with the Gas Commission a proposed FY 2003 Capital Budget of seventy-four million two hundred ninety-two thousand four hundred forty-five dollars ($74,292,445) and its Five Year Forecast of Capital Budgets (FY 2004 - FY 2008); and
WHEREAS, PGW subsequently amended its filing on various occasions ultimately proposing a capital budget of seventy-three million four hundred twenty-one thousand four hundred forty-five dollars ($73,421,445); and
WHEREAS, At public meetings held December 17, 2002, December 18, 2002 and February 11, 2003, the Gas Commiss...
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