Title
Authorizing the amendment of the Philadelphia Facilities Management Corporation Agreement to provide for a temporary change in the amount of temporary financing that the City may provide to the Philadelphia Gas Works under certain terms and conditions, and authorizing the temporary advance of up to $45,000,000 to the Philadelphia Gas Works pursuant to that Agreement under certain terms and conditions.
Body
WHEREAS, The Philadelphia Gas Works is in the process of management reorganization in order to benefit ratepayers and residents of the City of Philadelphia; and
WHEREAS, The Philadelphia Gas Works has submitted a plan of cost containment and rate increases to the Pennsylvania Public Utility Commission, and has submitted proposed budgets and budget forecasts to the Philadelphia Gas Commission; and
WHEREAS, The Philadelphia Gas Works is in a fiscal crisis, and that any appropriate rate relief will not come sufficiently soon to enable the responsible and prudent operation of the Philadelphia Gas Works through the winter of 2000-2001; and
WHEREAS, The existing ceiling on the amount the City of Philadelphia is able to loan certain money to the Philadelphia Gas Works in anticipation of future revenues may be insufficient during the coming year or two; and
WHEREAS, The Council of the City of Philadelphia anticipates that the above Commission will act on the above requests in accordance with the law, to ensure both the responsible operation and the long-term viability of the Philadelphia Gas Works, in compliance with the requirements of bond ordinances and the agreement pursuant to which the Philadelphia Gas Works is operated; and
WHEREAS, The City has in the past authorized the amendment of the Philadelphia Facilities Management Corporation Agreement to permit the City to advance up to forty-five million dollars to the Philadelphia Gas Works to be repaid within 24 months, and to loan up to forty-five million dollars to be repaid within 1...
Click here for full text