Docket UE21311
Order UE93-17IN THE MATTER of an application of Maritime Electric Company, Limited for the approval of the issuance of First Mortgage Bonds.
BEFORE THE COMMISSION
on Thursday, the 4th day of November, 1993.
Linda Webber, Chair
John L. Blakney, Vice-Chair
Deborah MacLellan, Commissioner
Order
UPON the application of Maritime Electric Company, Limited (the "Company") for approval of the creation, issue and sale of First Mortgage Bonds;
AND UPON hearing and considering the evidence presented at the hearing of the application on Thursday, November 4, 1993;
AND UPON it appearing to the Commission that the proposed bond issue is in the best interests of the Company and its customers;
NOW THEREFORE, pursuant to s. 10 and s. 12 of the Electric Power and Telephone Act;
IT IS ORDERED THAT
1. Approval is hereby granted to the Company to proceed with the issue and sale of First Mortgage Bonds, provided that:
a. the principal is not to exceed $15,000,000;
b. the issue is not to mature sooner than 20 years;
c. the interest rate is not to exceed the rate reported by the Company at the hearing of this application; and,
d. the First Mortgage Bonds are not to be issued without a further Order approving the actual proposed rate, to be reported to the Commission when established.
2. Upon completion of the issue and sale of First Mortgage Bonds, the Company shall file with the Commission all documents delivered at the closing of this transaction.
DATED at Charlottetown, Prince Edward Island, this 4th day of November, 1993.
BY THE COMMISSION:
Linda Webber, Chair
John L. Blakney, Vice-Chair
Deborah MacLellan, Commissioner
