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Gas Synopsis

What Was Done:

Gallatin exercised an option to non-appropriate payments for its natural gas lease for FY 2004. The lease contained a non-appropriation clause which gave the city the right, when budgeting for the next fiscal year, to terminate the lease by not making money available for payments of principal and interest. The city signed an operational agreement with the Bank of New York, effective Jan. 1, 2004, to continue

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