HomeMy WebLinkAboutBy-law 3364/90 THE CORPORATION OF THE TOWN OF PICKERING
BY-LAW NUMBER 3364/90
Being a by-law to authorize the capital
expenditures for distribution system expansion
and rehabiliation by the Pickering Hydro-Electric
Power Commission
Whereas the Pickering Hydro-Electric Power Commission advises the
Council of the Corporation of the Town of Picketing that it is
desirable and necessary to undertake the capital expenditures for
distribution system expansion and rehabilitation:
Now Therefore the Council of the Corporation of the Town of Pickering
enacts as follows:
1, That the capital expenditures for distribution system expansion
and rehabilitation as outlined in Schedule "A" attached hereto
and forming part of this by-law is hereby authorized at an
estimated cost of $4,300,000 to be debentured over a term of ten
years.
2. That this by-law shall not take effect until approval has been
obtained from the Ontario Municipal Board,
By-law Read a First, Second and Third time and finally Passed this 22nd
day of January, 1990.
Mayor
Clerk
E 901359
Ontario
Ontario Municipal Board
Commission des affaires municipales de I'Ontario
IN THE MA~£~R 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
Pickering for an order approving:
(a) the undertaking by the
Hydro-Electric Commission at the
said corporation of the
distribution system expansion
and rehabilitation an estimated
cost of $4,300,000.00, 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
$4,300,000.00 for a term not to
exceed ten years by The Regional
Municipality of Durham
chargeable to the applicant
corporation
BEFORE:
A.J.L. CHAPMAN ) Monday, the 14th day
Vice-Chairman )
) of January, 1991
)
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
$4,300,000.00 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 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
E 901359
the Power Corporation Act, (R.S.O. 1980, 3. 384) for the borrowing
of money and the issuance of debentures.
SECRETARY
ENTERED
}'olio #0 .....................
'JAN' 3 O'
THE CORPORATION OF THE TOWN OF PICKERING
BY-LAW NUMBER 3364/§0
Being a by-law to authorize the capital
expenditures for distribution system expansion
and rehabiliation by the Picketing Hydro-Electric
Power Commission
Whereas the Pickering Hydro-Electric Power Commission advises the
Council of the Corporation of the Town of Picketing that it is
desirable and necessary to undertake the capital expenditures for
distribution system expansion and rehabilitation:
Now Therefore the Council of the Corporation of the Town of Pickering
enacts as follows:
1. That the capital expenditures for distribution system expansion
and rehabilitation as outlined in Schedule "A" attached hereto
and forming part of this by-law is hereby authorized at an
estimated cost of $4,300,000 to be debentured over a term of ten
years.
2, That this by-law shall not take effect until approval has been
obtained from the Ontario Municipal Board.
By-law Read a First, Second and Third time and finally Passed this 22nd
day of January, 1990.
Mayor ~/x
Cl~rk / /
1920 BAYLY STREET J. Wiersma, P. Eng., General Manager
PICKERING, ONTARIO Commissioners
L 1W 3R6 M.D. Stroud, Chairman
416-427-0791 J. Mason, Vice-Chairman
416-427-4998 (Fax) w. Arthurs, Mayor
M. Brenner, Councillor
M. Griffiths
November 27, 1989
Mr. Bruce Taylor
C].ork
'Ibw~t of Pickorlng
1710 Kingston Road
Pickering, (k~tario
L1V
Dear Mr. Taylor:
Re: 1990 Debenture Issue
Enclose~ is a certified true copy of Resolution #1066/89 by which the C~m~ission
approved its debenture requirements for 1990 in the amount of $4,300,000.
The ~990 debenture issue is required to finance an $8,226,800 capital budget. The
portion debentured pertains to system capacity improvements, system rehabilitation
prograa~es, system voltage conversions programmes, and system operational
/mprovement s.
Town Council's concurrence is required in the form of a resolution, before we can
SUlmLtt this to OD~io Hydro for approval. Please put this matter on the agenda
for the next council meeting If I can be of further help please don't hesitate to
contact me.
Yours very truly,
General Manager
JW/sd
Encl.
SCHEDULE "A"
Resolution No.
RESOLUTION OF
PICKERING HYDRO-ELECTRIC COMMISSION
DATE ~ 15,
MOVED BY ~
SECONDED BY ~
BE IT RESOLVED THAT approval be requested fa~,, Ontario ~ro, the Town
of Pickering, the Regi~ of Durham and the On+-rio Mun/ci?] Boa~l to
issue debentures during 1990 in the amount of $4,300,000 to finance
Q capital expenditures for Distrihutio~ System Expansion and
llehabilitation; '
TdAT these debentures be tssuea to amortize the principal over a
l~-rtod of 10 years. ' ';'~ 7,
CERTIFIED TRUE COPY
~ma,"P. Eng. .
General Manager & Secretary
CARRIED ~
Chairman