HomeMy WebLinkAbout78-90
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THE CORPORATION OF THE
TOWN OF NEWCASTLE
By-Law No. 78-90
Being a by-law to authorize the expenditure of $10,000
by the Orono Hydro Electric Commission and the issue
of debentures for same
WHEREAS the Orono Hydro Electric Commission has requested
Council to debenture an amount of $10,000 on behalf of the
Commission. The sum of $10,000 to be used for the construction
of new overhead and underground lines;
AND WHEREAS such Capital Expenditures and Debentures is
authorized by Section 354(1) (53) of the Municipal Act (R.S.O.
1970 C. 284, S. 354 (1) (53) and Section 69 of the Power Commission
Act R.S.O. 1970 C. 354 S. 69(1);
NOW THEREFORE the Council of the Corporation of the Town of
Newcastle hereby enacts as follows:
1. That the Orono Hydro Electric Commission be authorized to
expend the sum of $10,000 for new overhead and underground lines.
2. That the said amount be debentured over a term of Ten years.
3. That the Principal and Interest be recovered proportionally over
the ten year period from the sale of electric power through the
applicable rates.
By-Law read a first, second and third time and finally passed
this
25th
Day of September
1978
G. B. Rickard
Mayor
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