HomeMy WebLinkAbout90-196
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THE CORPORATION OF THE TOWN OF NEWCASTLE
BY-LAN BOMBER 90-196
Being a by-law to authorize the undertaking
of certain alterations and improvements by
the Newcastle Hydro-Electric Commission and
to request the issuing and sale of debentures
for the cost of the same
WHEREAS the Newcastle Hydro-Electric Commission has requested
authorization from Council of the Town of Newcastle to undertake
certain alterations and improvements to the electrical power
distribution system under its management and control and has
asked the Town Council to request the Council of the Regional
Municipality of Durham to borrow the necessary funds by issuing
and selling debentures;
AND WHEREAS at its meeting of November 27, 1989, Town Council
endorsed the aforesaid request of the Newcastle Hydro-Electric
Commission;
AND WHEREAS pursuant to Section 64 of the Ontario Municipal Board
Act, R.S.O. 1980, c.347, as amended, by Order dated April 30,
1990 and entered on May 30, 1990 in O.B.No. E90-2, Folio No. 10,
the Ontario Municipal Board approved the aforesaid undertaking by
the Newcastle Hydro-Electric Commission and the issue of
debentures by the Regional Municipality of Durham for a sum not
exceeding the lesser of $600,000 or the net cost of the
undertaking subject to the conditions set out in the Order;
AND WHEREAS under Section 210 51 of the Municipal Act, R.S.O.
1980, c.302, councils of local municipalities are delegated power
to pass by-laws for authorizing, amongst other things the
alteration and improvement of any public utility undertaking
owned by the municipality and controlled and managed by a public
utility commission and for issuing debentures therefor;
NOW THEREFORE THE COUNCIL OF THE CORPORATION OF THE TOWN OF
NEWCASTLE ERACTS AS FOLLOWS:
1. That the Newcastle Hydro-Electric Commission is hereby
authorized to undertake the alterations and
improvements to the electrical power distribution
system under its management and control which are more
particularly described in Schedule "A" annexed hereto
and forming part of this By-Law, at a cost not
exceeding $600,000.00.
2. That for the purpose of financing the alterations and
improvements set out in Schedule "A", the Corporation
of the Town of Newcastle hereby requests the Regional
Municipality of Durham to issue and sell debentures in
an amount not exceeding $600,000.00 for a term not
exceeding twenty years, to bear interest at such rate
and be repayable in such instalments as may be
determined by the Regional Municipality of Durham.
By-Law read a first,
26th day of November
se~nd and third time and passed this
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SCHEDULE n An
CAPITAL WORK
70.1 Convert Substation #9 area of Newcastle Village
to 13.8 KV
70.2 Convert back alley distribution and transformers
Division and Temperance Street area, Bowmanville
70.3 Extension on Waverley Road and Old Hwy. #2 to serve
Sagewood Subdivision
Sundry small extensions
ESTIMATED COST
$520,000
52,000
16,000
20,000
$608,000
COUNCIL INFORMATION
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Ontario
Ontario Municipal Board
Commission des affaires municipales de l'Ontario
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IN THE HATTER OF Section 64 of the
Ontario Municipal Board Act, (R.S.O.
1980, c. 347 as amended)
- and -
IN THE HATTER OF an application by
The Corporation of the Town of
Newcastle for an order approving:
( a ) the undertaking by the hydro-
electric commission at the said
corporation of extensions and
improvements to the electrical
distribution system an estimated
cost of $600,000.00, and the
borrowing of money by way of
temporary advances not exceeding
in the aggregate such estimated
cost pending the sale of
debentures, and
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(b) the issuance of the necessary
debentures to a maximum of
$600,000.00 for a term not to
exceed twenty years by The
Regional Municipality of Durham
chargeable to the applicant
corporation
B E FOR E :
I-S
E 900326
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D.S. COLBOURNE
Vice-Chairman
Monday, the 30th day
of April, 1990
II
THE BOARD ORDERS that this application be granted and that the hydro-
electric commission of the applicant corporation may proceed with the
undertaking and The Regional Municipality of Durham may issue
debentures therefor for a sum not exceeding the lesGer of $600,000.00
or the net cost of such undertaking for a term not exceeding twenty
years, provided that the Councils of the applicant c~rporation and
The Regional Municipality of Durham in exercising ;any power approved
by this order shall comply and conform with all statutory and other
legal requirements related thereto and the provisions of the assent
of Ontario Hydro given under Section '94 of the Power Corporation Act,
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E 900326
(R.S.O. 1980, c. ,384) for the borrowing of money and the issuance of
debentures.
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