HomeMy WebLinkAbout83-5
,
THE CORPORATION OF THE TOWN OF NEWCASTLE
BY-LAW NUMBER 83-5
Being a by-law to authorize the expenditure of
$40,000.00 by the Newcastle Hydro Electric
Commission and the issuing of debentures for
same
WHEREAS the Newcastle Hydro Electric Commission has requested Council to
debenture an amount of $40,000.00 on behalf of the Commission to be
used for the purchase of land on which to construct a new centre of
operations;
AND WHEREAS Section 51, Chapter 302 of The Municipal Act, R.S.O. 1980,
and Section 68 (2) Chapter 384 of the Power Corporations Act, R.S.O. 1980,
provides for such expenditures by a public utility and for the issuing of
debentures therefore;
NOW THEREFORE THE CORPORATION OF THE TOWN OF NEWCASTLE ENACTS AS FOLLOWS:
1. That the Newcastle Hydro Electric Commission be
authorized to expend the sum of $40,000.00 for the
purchase of land for a new centre of operations.
2. That the sum of $40,000.00 be debentured over a
five-year period.
3. That the principal and interest be recovered
proportionally over the five-year period from the
sale of electrical power through the applicable rate.
READ a first time this
10th
day of January, 1983.
READ a second time this
10th
day of January, 1983.
READ a third and final time this 28th day of February 1983.
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Ontario
83 -s-
Form E-15
Ontario
Municipal
Board
416{965-1907
180 Dundas Sl. West
Toronto, Ontario
M5G 1E5
I The Clerk
Town of Newcastle
40 Temperance St.,
BOWMANVILLE, Ontario
LIC 3A6
Quote File Number
E 830107
February 25, 1983
L
Dear Sir:
Enclosed is documentation as follows:
....,.
[~ Board's order dated February 23, 1983
~ Invoice(s) for Board's order
o Board's order dated
Validation of By-law
MunicipaLity:
School Board:
Yours truly,
BW/sw
Enclosure
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t M.S. Manji
Head of
Capital Expenditures
NB
If you are going to apply for the validation of
a debenture by-law for the issuance of debentures
for this undertaking, it is suggested that a draft
by-law be submitted to the Board by you for
consideration prior to its enactment.
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E 830107
Ontario Municipal Board
IN THE MATTER OF Section 64 of
The Ontario Municipal Board Act,
(R.S.O. 1980, c. 347),
- and -
IN THE MATTER OP an application
by The corporation of the Town
of Newcastle for an order
approving:
(a> the purchase of lands for a
new operations centre for The
Public utility COmmission
at an estimated cost of
$40,000.00, 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 by The Regional
Municipality of Durham,
chargeable to the applicant
corporation
BEPORE:
- and -
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Wednesday, the 23rd day
of February, 1983
A. H. ARRELL, Q.C.
Vice-Chairman
V. M. SINGER, a.C.
Member
THE BOARD ORDERS that this application be granted and the
applicant may proceed with the said purchase and may pass
all requisite by-laws, and The Regional Municipality of Durham
may issue debentures therefor not exceeding $40,000.00 and not
to exceed the net cost. of such undertaking to the applicant.,
for a term not to exceed five years, provided that the
corporation and the Council of The Regional Municipality of
I By-law r10,'=}}:::-c2..----1
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E 830107
Durham in exercising any power approved by i:his order shall
comply and conform with all ai:atutory and other legal
requirements related thereto.
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SECRETARY
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ENTERED
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-7 LJ
Folio No. ..f....7:'.....................
FEB 2 8 1983
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