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 IN THE MAT IER OF the Utilities Commission Act, S.B.C. 1980, c. 60 as amended and IN THE MAT IER OF an Application by West Kootenay Power Ltd. BERORE: L.R. Barr, Deputy Chairperson; and ) K.L. Hall, Commissioner ) August 25, 1993 o R D E R WHEREAS: A. On August 12, 1993 West Kootenay Power Ltd. ("WKP") applied, pursuant to Section 57 of the Utilities Commission Act (lithe Act"), for Commission approval to redeem all of its $12 million Series 2, Cumulative Preferred Shares on December 1, 1993 and replace them with $25 million Series G Secured Debentures; and B. On August 20, 1993 WKP provided the Commission with copies of the Consent Resolutions of the Board of Directors authorizing the redemption of the Series 2 preferred share issue, issuing $25 million Series G Secured Debentures and increasing the Company's Operating Loan facility with the Bank of Montreal from $6 million to $10 million; and C. The Commission has reviewed the Application and supporting material and approves the tenns thereof. NOW THEREFORE the Commission approves for WKP, pursuant to Section 57 of the Act, the following: 1. The redemption of all of its $12 million outstanding Series 2 Cumulative Preferred Shares, on or after December 1, 1993. 2. The issuance of Series G, Secured Debentures in the amount of $25 million, at 8.80 percent per annum for a term of 30 years. 3. The authorization to increase its Operating Loan facility with the Bank of Montreal from $6 million to $10 million. 4. The approval given in No.2 above is conditional upon WKP providing to the purchaser, at the time of closing, an undertaking not to issue any additional debentures without first providing to the holders of the Series G Secured Debentures, a guarantee of Utili Corp United Inc. DA TED at the City of Vancouver, in the Province of British Columbia, this day of August, 1993. BY ORDER Lorna R. Barr Deputy Chairperson BCUC/Orders/WKP-ProposedFin.SeriesG Deb.
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