City of Barrie - File #: 13-G-183

• File #: 13-G-183
• Version: 2
• Type: Staff Report
• Status: Carried
• File created: 6/19/2013
• In control: City Council
• On agenda: 6/24/2013
• Final action: 6/24/2013
• Title: POWERSTREAM INC. AFFILIATE STRUCTURE AND PROMISSORY NOTE 1. That, acting as sole shareholder in Barrie Hydro Holdings Inc. (BHHI), the Shareholder's Resolution attached as Appendix "A" to Staff Report CLK010-13 concerning the establishment of a new affiliate structure for PowerStream Inc., be approved. 2. That the Mayor and City Clerk be authorized and directed to take all steps and execute all documents on behalf of the City, acting as sole shareholder in BHHI, as may be necessary or desirable in connection with the foregoing. 3. That the Treasurer in consultation with the Mayor be authorized to convert the $20 million Promissory Note currently held by the City of Barrie, in whole or in part, with the timing of any such conversion(s) as deemed necessary and subject to the following: a) Such conversion(s) keeping the shareholder "whole" on a cash flow basis until the core business generates additional dividends after rebasing; and b) The approval of any conversion(s)/c...

Date	Ver.	Action By	Action	Result
6/24/2013	1	City Council	Adopted
6/24/2013	2	General Committee	recommended for adoption (Section "C")	Fail

Title

POWERSTREAM INC. AFFILIATE STRUCTURE AND PROMISSORY NOTE

1. That, acting as sole shareholder in Barrie Hydro Holdings Inc. (BHHI), the Shareholder's Resolution attached as Appendix “A” to Staff Report CLK010-13 concerning the establishment of a new affiliate structure for PowerStream Inc., be approved.

1. That the Mayor and City Clerk be authorized and directed to take all steps and execute all documents on behalf of the City, acting as sole shareholder in BHHI, as may be necessary or desirable in connection with the foregoing.

1. That the Treasurer in consultation with the Mayor be authorized to convert the $20 million Promissory Note currently held by the City of Barrie, in whole or in part, with the timing of any such conversion(s) as deemed necessary and subject to the following:

1. Such conversion(s) keeping the shareholder “whole” on a cash flow basis until the core business generates additional dividends after rebasing; and

1. The approval of any conversion(s)/conversion terms by the Board of Directors of PowerStream Inc. and its Shareholders as may be required. (CLK010-13) (File: E00)

Councillor B. Ward declared a potential pecuniary interest in the foregoing motion as his spouse has been retained by PowerStream Inc.  He did not participate in the discussion or vote on the question and he did not leave the Council table.