BYLAW - Hydro - 20020423 - 434602LI
T/1E CORPORATION OF THE TOWN OF AURORA
By-law Number 4346-02.L
BEING A BY-LAW to amend By-law
4220-00.L, being a By-Law to transfer
the employees, assets, liabilities,
rights and obligations of the Aurora
Hydro Electric Commission and of
The Corporation of the Town of
Aurora in respect of the distribution
and retailing of electricity to a
corporation and its subsidiary
corporation to be incorporated under
the Business Corporations Act
(Ontario) pursuant to Section 142 of
the Electricity Act, 1998 (Ontario).
AND WHE~EAS the municipal Council of the Corporation of the Town of Aurora
enacted By'-law 4220-00.L; ·
AND WHE~EAS the municipal Council of the Corporation of the Town of Aurora deems
it necessarY and expedient to amend By-law 4220-00.L;
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NOW THEREFORE THE MUNICIPAL COUNCIL OF THE CORPORATION OF THE
TOWN OF AURORA ENACTS AS FOLLOWS:
1. THAT By-Law No. 4220-00.L be amended as follows and that the amendment be
effeqtive as of October 3, 2000.
(a) Section 4.3 is deleted and replaced with the following:
"4.3 Satisfaction of Purchase Price for the Distribution Assets. In full
payment and satisfaction of the Purchase Price for the Distribution Assets,
WiresCo shall:
(1) be bound by, assume, pay, satisfy, discharge, observe, perform
and fulfil the Distribution Liabilities;
(2) as to the balance:
(a) as to 50% of the balance of the Purchase Price for the
Distribution Assets or such other proportion of the
Purchase Price as may be determined by the Treasurer of
the Town, issue to the Town a promissory note in a form
and on such terms as are satisfactory to the Treasurer of
the Towh; and
(b) as to 50% of the balance of the Purchase Price for the
Distribution Assets or such other proportion of the
Purchase Price as may be determined by the Treasurer of
the Town, allot and issue to the Town as fully paid and
non-assessable 1,000 common shares."
(b) Section 4.5 is amended by the. addition of the following sentence at the
end thereof:
"The amount and terms of the promissory note issued pursuant to
Section 4.3 may be adjusted by the Treasurer of the Town in
By-law No. 4346-02.L Page2
consultation with the Corporations."
(c) The amount of "$2,827,000" being the specified amount of Cash and
Short Term Investments in Schedule "D" is deleted and replaced with
i the amount of "$1.00".
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2. THAT all capitalized terms herein shall have the meaning ascribed in the Transfer
By-Law.
3. THAT in all other respects, the Transfer By-Law remains unaltered and in full
force' and effect in accordance with its terms
READ A FIRST, SECOND AND THIRD TIME THIS 23RD DAY OF APRIL, 2002.