HomeMy WebLinkAboutBy-law 3112/89 89O204
Ontario Municipal Board
Commission des affaires municipales de rOntario ~/z. ~/)2/~
IN THE HATTER OF Sectton 64 of the
Ontario Municipal Board Act, (R.S.O.
1980, c. 347 as amended}
- and -
IN TME )lATTER OF an application by
The Corporation of the Town of
Pickerlng for an order approving:
(al the undertaking by the
Hydro-Electric Commission of the
said corporation of the purchase
and installation of overhead
distribution feeders at an
estimated cost of $1,000,000.00,
and the borrowing of money by
way of temporary advances not
exceeding in the aggregate such
estimated cost pending the sale
of debentures, and
debentures to a maximum of
$1,000,000.00 for a term not to
exceed ten years by The Regional
Municipality of Durham,
chargeable to the applicant
corporation
BEFORE:
P.M. BROOKS ,
Vice-Chairman Monday, the 24th day
- and - of April, 1989
A.B. BALL
Member
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 $1,000,000.00 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
- 2 - E 890204
legal.requirements related thereto and the provtslons of the assent of Ontario
. Hydro gtven under Section 94 of the Power Corporation Act, (R.S.O. 1980, c.
384) for the borrowing of money and the issuance of debentures.
SECRETARY :
ENTERED
o.~. No...~..f..9..=.~ ........
Folio No ...... t.~. ..............
MAY 2 9 1989
THE CORPORATION OF THE TOWN OF PICKERING
BY-LAW NUMBER 3112/89
Being a by-law to authorize the purchase and
installation of Overhead Distribution Feeders
by the Pickering Hydro-Electric Power Commission
Whereas the Pickerin§ Hydro-Electric Power Commiss}on advises the Council
of the Corporation of the Town of Pickerin9 that it is desirable and
necessary to undertake the purchase and installation of overhead
distribution feeders;
Now Therefore the Council of the Corporation of the Town of Pickerin9
enacts as follows:
1. That the purchase and installation of overhead distribution feeders
as outlined in Schedule "A" attached hereto and forming part of
this by-law is hereby authorized at an estimated cost of
$1,000,000.00 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 17th
day of April, 1989.
Mayor
SCHEDULE "A"
Resolution No. 922/88
RESOLUTION OF
PICKERING HYDRO-ELECTRIC COMMISSION
DATE ~ 16, 1966
BE IT RE~DL%~D T~AT al:~va.], b~ requemte~ from O~tario Hydro, the T~wn
of Picketing, the Region of Durham ar~ the (l~tario Municipal Boa~l to
issue debentures during 1989 in the amount of $1, 000,000 to f/nanoe
capital expenc]/tures for the following ~oJeots:
- Distribution Fee~lers - Ov~rb*m,~_ $1,000,000
· luzeL: 81.0~0, ,000
T~AT these 4~bentures be tssue~ to amortize the l~cin~il~el ove~ e peric~
of 10 years.
CERTIFIED TRUE COPY
//~G' Wiersma, P. Eng.
eneral Yenager & Secretary airman.///~
CARRIED Oh