HomeMy WebLinkAbout90-197
of
.~..
THE CORPORATION OF THE TOWN OF NEWCASTLE
BY-LAW NUMBER 90-197
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 und~rtake
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 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
alterations 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 ENACTS 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 $300,000.00.
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 $300,000.00 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.
3. That the provisions of this By-Law shall not have any
force or effect until the approval of the Ontario
Municipal Board has first been obtained pursuant to
Section 64 of the Ontario Municipal Board Act, R.S.O.
1980, c347.
By-Law read a first, second and third time and passed this
26th day of November, 1990.
~
~
~
1
lo
-,
SCHEDULE "A"
Substations
New 10MVA Transformer and Switching Cubicles,
and conversion of feeders to 13.8 kv at
Substation #8, Toronto, Street,
Newcastle Village
Estimated Cost
5300.000
~,' ~. :,.
,
\ !
--..~,.-
Ontario
Ontario Municipal Board
Commission des affaires municipales de I'Ontario
E 901347
IN THE MATTER OF Section 64 of the
Ontario Municipal Board Act, (R.S.O.
1980, c. 347 as amended)
- and -
IN THE MATTER OF an application by
The Corporation of the Town of
Newcastle for an order approving:
( a) the undertaking by the Hydro
Electric Commission of the said
corporation of the extension and
improvements to the electrical
distribution system consisting
of a new 10 MVA Transformer and
Switching Cubicles and
conversion of feeders to 13.8 KV
at Substation #8 Toronto Street
Newcastle village at an
estimated cost of $300,000.00,
and the borrowing of money by
way of temporary advances not
exceeding in the aggregate such
estimated cost pending the sale
of debentures, and
(b) the issuance of the necessary
debentures to a maximum of
$300,000.00 for a term not to
exceed ten years by The Regional
Municipality of Durham
chargeable to the applicant
corporation
B E FOR E :
P. G. WILKES
Vice-Chairman
)
)
)
Monday, the 26th day
of November, 1990
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 lesser of $300,000.00
or the net cost of such undertaking for a term not exceeding ten
years, provided that the Councils of the applicant corporation and
The Regional Municipality of Durham in exercising any power approved
t, .... ~r
- 2 -
E 901347
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,
(R.S.O. 1980, c. 384) for the borrowing of money and the issuance of
debentures.
/7 /J P ENTERED
~ AAAl(f ~ 0- ~~ O. B. No....~5..Q..::..~"''''...L
Folio No. .........~3:::t..........~.
A SECRETARY NOV 27 1990
a~~/~
UCUTARY. 00, MUNICIPAL BOARD