HomeMy WebLinkAboutTR-101-87 l \
TOWN O,F NEWCASTLE
REPORT File # t
Res. #
By-Law #
MEETING: GENERAL PURPOSE & ADMINISTRATION COMMITTEE
DATE: December 21, 1987
REPORT #: TR-101-87 FILE #:
SUBJECT:
REQUEST FOR 1988 DEBENTURE APPROVAL ON BEHALF OF
NEWCASTLE HYDRO ELECTRIC COMMISSION
RECOMMENDATIONS:
It is respectfully recommended that the General Purpose and
Administration Committee recommend to Council the following:
1. That report TR-101-87 be received; and
2. That the following resolution be approved:
Whereas, the Newcastle Hydro-Electric Commission has approved the
1988 Capital Budget on November 19, 1987 and Resolution #933-87
specifically gives approval for an application for $300,000, ten
(10) year debentures for capital construction.
Therefore be it resolved that the Town of Newcastle endorses the
request of the Newcastle Hydro Electric Commission to make application
to the Ontario Municipal Board through the Town to issue $300,000 in
Debentures for a ten (10) year term on behalf of the Newcastle Hydro
Electric Commission; and that the funds for repayment of said
Debentures be provided from utility rates of the Newcastle Hydro
Electric Commission; and
3. That the Treasurer be authorized to make application to the Ontario
Municipal Board subsequent to approval from Ontario Hydro.
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TR-101-87 Page 2
BACKGROUND AND COMMENTS:
The Commission approved the 1988 Capital Budget on November 19, 1987.
Financing of the budget is based on a 5% rate increase and the issue of
$300,000 in debentures. The capital budget, rates and debenture issue
require approval of Ontario Hydro.
Specifically, the debenture issue is for enhancements to the
Distributions system budgeted at $301,500. Ontario Hydro requires the
Town's approval of the debenture issue prior to giving approval to the
1988 Capital Budget.
Once all approvals have been received, staff will make application to
the O.M.B. for authorization to issue debentures on behalf of the
Newcastle Hydro Electric Commission.
Respectfully submitted, Recommended for presentation
to the Committee
. . Blanchard, LWrence Kotseff,
" Treasurer. Chief Adm' i0trative Officer.
JRB/pp
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Newcastle Hydro-Electric Commission
P.O. Box 130
F� Bowmanville,Ontario
H. Partner,Chairman L1C 3K9
R.L. Stevens,Vice-Chairman
I.A. Hamilton, Member A.M. Moore-Manager
�\ G.VanDyk, Member Telephone(416) 623-4451-2
J.P.Winters, Mayor or 623-4625
December 11 1987 SEC1 �ga�
�oWy OF NrWCASTLE
Mr. John Blanchard, Treasurer FINANCE J
Towm of Newcastle,
40 Temperance Street
Bowmanville, Ontario, L1C 3A6
Dear Mr. Blanchard:
Re: 1988 Debenture Approval
The Commission approved the 1988 Capital Budget on November 19, 1987. Finan-
cing of the Budget and operations is based on a 5% rate increase and the
issue of $300,000 in debentures. The Capital Budget, rates , and debenture
issue require approval of Ontario Hydro.
Specifically, the debenture issue is for Distribution System additions bud-
geted at $301,500.
A copy of the Capital Budget is enclosed. The following resolutions were
passed:
-#932-87 "that we accept the Budget proposals as adjusted and recommend a
5% rate increase effective January 1st, 1988."
-;' 933-87 "that we approve application for $300,000 in 10 - year debentures
for capital construction."
I hereby certify that the foregoing are actual extracts from the proceedings
of a meeting of Newcastle Hydro - Electric Commission on November 19, 1987.
A. M. Moore, Manager Secretary
Ontario Hydro require advice from the municipality showing Town approval of
the debenture issue. Please forward a letter accordingly at your earliest
convenience.
Yours truly
A. M. Moore, Manager
1.
70. DiSTR1 BUT ION 301 ,500
70. 1 Extend 13.8 kV primary on Liberty Street
from the new station, north to the 3rd
concession, and south to Concession Street 157,800
70.2 Extend 13.8 kV primary east on Concession
Street from Liberty Street to River Valley 71 ,300
70.3 Convert Liberty Street distribution to 13.8 kV
from Wellington Street to Concession Street 19,700
70.4 Rebuild old distribution on Baldwin Street in
Newcastle Village from Emily to Edward 15,200
70.5 Upgrade 3 phase primary feeder on Sunset Blvd. ,
Newcastle Village, from Rudell Road to Church Street 37,500