B R I T IS H C O L U M B I A U T IL I T I E S C O M M I S S I ON O R D E R N U M B E R G-73-00 SIXTH FLOOR, 900 HOWE STREET, BOX 250 TELEPHONE: (604) 660-4700 VANCOUVER, B.C. V6Z 2N3 CANADA BC TOLL FREE: 1-800-663-1385 web site: http://www.bcuc.com FACSIMILE: (604) 660-1102 IN THE MATTER OF the Utilities Commission Act, R.S.B.C. 1996, Chapter 473 and An Application by West Kootenay Power Ltd. for Approval to Increase its Short-Term Debt and Common Share Equity BEFORE: P. Ostergaard, Chair ) L.R. Barr, Deputy Chair ) B.L. Clemenhagen, Commissioner ) July 27, 2000 K.L. Hall, Commissioner ) N.F. Nicholls, Commissioner ) O R D E R WHEREAS: A. On July 20, 2000, West Kootenay Power Ltd. (“WKP”) applied to the Commission for approval to increase its short-term debt and to increase its common share equity, pursuant to Section 50 of the Utilities Commission Act (“the Act”); and B. The increase in the short-term debt with the Bank of Montreal will raise the available Line of Credit from $30 million to $60 million, which is made up of $20 million from a committed facility and $40 million by way of a demand loan. WKP intends to use $15 million of the proceeds to repay the operating loan from UtiliCorp British Columbia Ltd. (“UCBC”) approved by Order No. G-97-99. The balance will be used to finance ongoing capital expenditures; and C. WKP requests approval to issue to UCBC 100,000 authorized and unissued $100 par value common shares for a total consideration of $10 million in common share equity. The proposed equity infusion will bring the actual equity level of WKP back to 1999 levels; and D. The Commission has reviewed the July 20, 2000 application and finds that approval is necessary and in the public interest. NOW THEREFORE pursuant to Section 50 of the Act, the Commission approves for WKP the following: 1. An increase of $30 million in the short-term borrowing Line of Credit with the Bank of Montreal. 2. The issuance of 100,000 authorized and unissued $100 par value common shares to UCBC for a total consideration of $10 million. DATED at the City of Vancouver, in the Province of British Columbia, this 2 nd day of August 2000. BY ORDER Original signed by: Peter Ostergaard Chair
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