Order UE11-03 - Electric - First Mortgage Bonds (November 17, 2011)

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Docket UE21314
Order UE11-03

IN THE MATTER of an application by Maritime Electric Company, Limited for approval of the issuance of first mortgage bonds.

BEFORE THE COMMISSION
on Thursday, the 17th day of November, 2011.

Maurice Rodgerson, Chair
John Broderick, Commissioner
Mike Campbell, Commissioner

Order

WHEREAS Maritime Electric Company Limited (the "Company") has applied to the Island Regulatory and Appeals Commission (the "Commission") for approval of the issue of $30.0 million in long term first mortgage bonds;

AND WHEREAS, the Company seeks to raise $30.0 million through the issuance of first mortgage bonds with an interest rate not to exceed 5.50% and a term not to mature later than 50 years from date of issuance;

AND WHEREAS, pursuant to Section 12(2) of the Electric Power Act, the Commission may grant approval of a proposed issue;

AND WHEREAS, the Commission has reviewed the application and concludes the issuance as just and reasonable for the operations of the Company;

NOW THEREFORE, pursuant to the Island Regulatory and Appeals Commission Act and the Electric Power Act;

IT IS ORDERED THAT

1. Approval is herby granted for the Company to proceed with the issuance and sale of first mortgage bonds provided that:

the principal amount is not to exceed $30.0 million,

the interest rate is not to exceed 5.50% per annum, and

the issue is not to mature later than 50 years.

2. The Company shall file with the Commission, upon completion of the issue and sale of the first mortgage bonds, a copy of all documents delivered at the closing of the transaction.

DATED at Charlottetown, Prince Edward Island, this 17th day of November, 2011.

BY THE COMMISSION:

Maurice Rodgerson, Chair

John Broderick, Commissioner

Michael Campbell, Commissioner

Notice:

Section 12 of the Island Regulatory and Appeals Commission Act reads as follows:

12. The Commission may, in its absolute discretion, review, rescind or vary any order or decision made by it, or rehear any application before deciding it.

Parties to this proceeding seeking a review of the Commission's decision or order in this matter may do so by filing with the Commission, at the earliest date, a written Request for Review, which clearly states the reasons for the review and the nature of the relief sought.

Sections 13.(1), 13(2), 13(3), and 13(4) of the Act provide as follows:

13.(1) An appeal lies from a decision or order of the Commission to the Court of Appeal upon a question of law or jurisdiction.

(2) The appeal shall be made by filing a notice of appeal in the Court of Appeal within twenty days after the decision or order appealed from and the rules of court respecting appeals apply with the necessary changes.

(3) The Commission shall be deemed to be a party to the appeal.

(4) No costs shall be payable by any party to an appeal under this section unless the Court of Appeal, in its discretion, for special reasons, so orders.

NOTE:

In accordance with IRAC's Records Retention and Disposition Schedule, the material contained in the official file regarding this matter will be retained by the Commission for a period of 5 years.