G-l10-93 SIXTH FLOOR, 900 HOWE STREET, BOX 250 TELEPHONE: (604) 660-4700 VANCOUVER, B.C. V6Z 2N3 BC TOLL FREE: 1-800-663-1385 CANADA FACSIMILE: (604) 660-1102 AN ORDER IN THE MA TIER OF the Utilities Commission Act, S.B.C. 1980, c. 60, as amended and An Application by Northland Utilities (B.C.) Limited BEFORE: M.K. Jaccard, Chaitperson; and ) K.L. Hall, Commissioner ) November 10, 1993 o R D E R WHEREAS: A. On October 27, 1993 Pacific Northern Gas Ltd. ("PNG"), on behalf of its subsidiary Northland Utilities (B.C.) Limited ("NUL") applied to the Commission for approval to refinance a short-term promissory note by way of issuing a long-term promissory note based on a portion of PNG's secured debenture approved in principle by Commission Order No. G-98-93; and B. The $3,075,000 long-term promissory note will be issued from NUL to PNG based on the terms and rate equivalent to PNG's secured debenture that was approved by Order No. G-98-93; and C. The Commission has reviewed the Application and supporting material and finds that approval of the long-term financing is necessary and in the public interest. NOW THEREFORE the Commission orders as follows: 1. Pursuant to Section 57(2) of the Utilities Commission Act ("the Act"), the Commission authorizes NUL to issue a promissory note to PNG in the principal amount of $3,075,000 at terms equivalent to the issue approved in principle by Order No. G-98-93. The short-term promissory note in the amount of $3,075,000 issued by NUL to PNG is authorized to be repaid and canceled. 2. The pro-rata costs of issuance for the Secured Debentures approved in principle by Order No. G-98-93 are approved to be allocated by PNG to NUL.
2 3. Pursuant to Section 57(4.1) of the Act, the Commission authorizes NUL to give a gulrnn1tel~rbs!tftfttial~~~. . _~.~ out in the fonn of the Indenture of Guarantee contained in Article XXI of the Trust Indenture. 4. Pursuant to Section 59(1) of the Act, the Commission authorizes NUL to grant a floating charge on its assets as security for its obligations under the guarantee, substantially as set out in the fonn of the Indenture of Guarantee contained in Article XXI of the Trust Indenture. DATED at the City of Vancouver, in the Province of British Columbia, this day of November, 1993. BY ORDER BCUC/OrderslPNG-Promissory Note from NUL
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