Docket UE21311
Order UE93-19IN 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 2nd day of December, 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 (the "Bonds");
AND UPON the Commission having, by Order UE93-17 dated herein November 4, 1993, granted approval of the issue subject to certain conditions, including a condition that the Bonds not be issued without a further Order approving the actual proposed rate;
AND UPON the Company having reported to the Commission by letter dated November 30, 1993 that the required conditions had been met;
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 the following additional conditions are met:
a. the interest rate is not to exceed 8.55% of the principal amount of the Bonds; and,
b. the Bonds are not to be issued at a price less than $99.816 per $100 of the principal amount thereof.
DATED at Charlottetown, Prince Edward Island, this 2nd day of December, 1993.
BY THE COMMISSION:
Linda Webber, Chair
John L. Blakney, Vice-Chair
Deborah MacLellan, Commissioner
