HomeMy WebLinkAboutTR-68-85 Q
CORPORATION OF THE TOWN OF NEWCASTLE
TREASURY DEPARTMENT K. CAMPBELL, C.A.,TREASURER
40 TEMPERANCE STREET TEL.(416) 623-3379
BOWMANVILLE, ONTARIO
L10 3A6
REPORT TO THE SPECIAL COUNCIL MEETING HELD OCTOBER 21 , 1985
REPORT NO.: TR-68-85
SUBJECT: REQUEST FOR WITHDRAWAL OF DEBENTURE ISSUE ON BEHALF OF
OF THE NEWCASTLE HYDRO ELECTRIC COMMISSION
RECOMMENDATION:
It is respectfully recommended to Council :
1 . That th-is report .,be received;
2. That the following resolution be approved;
WHEREAS, the Newcastle Hydro Electric Commission has advised
Council that the need for the $300,000 debenture issue no
longer exists to finance the construction of its operations
centre;
THEREFORE, be it resolved, that the Council of the Town of
Newcastle request the Region of Durham to cease any actions
to place the $300,000 debenture issue on behalf of the
Newcastle Hydro Electric Commission; and
THAT, the Newcastle Hydro Electric Commission be responsible
for any costs which may have been incurred by the Region of
Durham in arranging for the debenture issue;
TR-68-85
— 2 —
AND THAT, the Region of Durham be sent certified copies of
the Council and Commission resolutions requesting the
withdrawal of the debenture issue by Tuesday, October 22nd
1985; and
AND FURTHER THAT, the Newcastle Hydro Pectic Commission be
advised of Council 's actions.
BACKGROUND AND COMMENT:
Thursday, October 17th 1985, Treasury staff were requested by the Mayor
on behalf of the Newcastle Hydro Electric Commission to halt the
debenture issue, if possible. Staff have proceeded on the written
direction from the Mayor and have advised Regional Staff of the
situation. The Regional staff have complied with our request.
The matter of proceeding to market with this debenture issue has been
approved by the Region of Durham Finance Committee and will be before
Regional Council on Wednesday, October 23rd 1985. Therefore, certified
resolutions of Council and the Commission will be required to halt this
process.
Respectfully submitted,
Kathryn A. Campbell , C.A. , B.Comm.,
Treasurer.
*gf
TOWN OF NEWCASTLE
MEMORANDUM
TO: Kathryn A. Campbell , C.A. , Treasurer
FROM: G. B. Rickard
DATE: October 17th, 1985
SUWECT: Newcastle Hydro Electric Commission
Debenture Request
--------------------------------------------------------------------------------
In my capacity as a member of the Newcastle Hydro Electric
Commission, I am requesting on behalf of the Commission, that the
debenture request for $300,000.00 be stopped.
Certified resolutions from the Commission and Council ,
verifying this cancellation request,will follow and be forwarded to
the Region of Durham.
Garnet B. Rickard
Mayor
GBR/mr
1
i,
Newcastle Hydro Electric Commission
19 King Street West
Bowmanville,Ontario
L1C1R2
H.Partner,Chairman
R.L.Stevens,Vice-Chairman
W.M.Morrison,Member M.J.Watson-Manager
I.A.Hamilton,Member Telephone(416)623-4451-2
4 G.B.Rickard,Mayor or 987-4073
October 17, 1985 .
Corporation of the Town of Newcastle,
40 Temperance Street,
Bowmanville, Ontario.
L1C 3A6.
Attention: Mrs . Kathryn Campbell, B.A. , B. Comm.
Dear Kathryn:
Enclosed is a copy of a resolution duely executed by the Newcastle
Hydro-Electric Commission whereby they are requesting the Town to cancel
their application for a $300,000.00 debenture.
As this has already been discussed with you verbally, the Commission
will ask that you take the appropriate action to see that this is carried
out.
Thanking you in advance.
Yours very truly,
M.Matson,
Manager,
Newcastle Hydro-Electric Commission.
MJW/mw
r4ewCastle Hydro-Electric Commission
Resolution No. 719-85
Date: _ October 17
Moved by _
Seconded'by,-
That we request that the Town of Newcastle cancel the
debentures for Newcastle Hydro-El6ctric Commission
Carried
Chairman
WHEREAS, the Newcastle Hydro Electric Commission advises
Council of the Town of Newcastle that the need for the
$300,000 debenture issue no longer exists to finance the
construction of its operations centre;
THEREFORE, be it resolved, that the Newcastle Hydro Electric
Commission requests the Council of the Town of Newcastle to
request the Region of Durham to cease any actions to place
the $300,000 debenture issue on behalf of the Newcastle Hydro
Electric Commission; and
THAT, the Newcastle Hydro Electric Commission be responsible
for any costs which may have been incurred by the Region of
Durham in arranging for the debenture issue; and
AND THAT, the Region of Durham be sent certified copies of
the Council and Commission resolutions requesting the
withdrawal of the debenture issue by Tuesday, October 22nd
1985.