TOWN OF AURORA
SPECIAL COUNCIL
BOREALIS SHAREHOLDER'S MEETING
MINUTES
NO. 06-04
Council Chambers
Aurora Town Hall
Tuesday, February 14, 2006
ATTENDANCE
COUNCIL MEMBERS Mayor Jones in the Chair; Councillors Buck, Gaertner, Vrancic and Wallace
MEMBERS ABSENT Councillors Hogg, Kean, Morris and West were absent.
OTHER ATTENDEES Chief Administrative Officer, Director of Corporate Services/Town Clerk, Director of Building, Director of Leisure Services, Director of Planning, Director of Public Works, Director of Financial Services/ Treasurer and Council/Committee Secretary.
The Mayor called the meeting to order at 7:00 p.m.
I DECLARATIONS OF PECUNIARY INTEREST
There were no declarations of pecuniary interest under the Municipal Conflict of Interest Act.
II APPROVAL OF AGENDA
Moved by Councillor Wallace Seconded by Councillor Buck
THAT the content of the Agenda as circulated by the Corporate Services Department, with the following additional items, be approved:
Ø Summary of Financial Results for Aurora Hydro Connections Limited
Ø Revised resolution regarding Financial Statements of Aurora Hydro Connections Limited ending October 31, 2005
CARRIED
III ADOPTION OF MINUTES
Borealis Hydro Electric Holdings Inc., Annual Shareholders Meeting Minutes No. 05-22 held June 22, 2005
Moved by Councillor Vrancic Seconded by Councillor Buck
THAT the Minutes of Meeting No. 05-22 be received for information.
CARRIED
IV DELEGATIONS
Mr. Allister Byrne, FCA, Partner, Grant Thornton LLP, Auditors
Re: Financial Statements of Aurora Hydro Connections Limited
Mr. Byrne addressed Council to present the details of the financial statements of Aurora Hydro Connections Limited, ending October 31, 2005. Mr. Byrne advised that the information for 2004 covers a 12 month period and the information for 2005 covers a 10 month period. Mr. Byrne reported an increase in revenue of 21% due to higher consumption from growth, higher rates and the warmer weather of the past summer. Mr. Byrne also reported net earnings of $1.6 million over the 10 month period of 2005.
Moved by Councillor Wallace Seconded by Councillor Buck
THAT the comments of the delegate be received.
CARRIED
V CONSIDERATION OF ITEMS REQUIRING SEPARATE DISCUSSION
1. Financial Statements of Aurora Hydro Connections Limited, ending October 31, 2005
Moved by Councillor Buck Seconded by Councillor Wallace
THAT the Financial Statements of Aurora Hydro Connections Limited, ending October 31, 2005, be received for information as a closing balance sheet; and
THAT the purchase price adjustments be received and utilized by staff to adjust the final purchase price with PowerStream Inc.
CARRIED
VI READING OF BY-LAWS
Moved by Councillor Vrancic Seconded by Councillor Buck
THAT the following listed by-law be given 1st, 2nd and 3rd readings, and enacted:
4772.06.C BEING A BY-LAW to
Confirm Actions by Council Resulting From The Borealis Shareholders Meeting 06-04 on February 14, 2006.
CARRIED
VII ADJOURNMENT
Moved by Councillor Vrancic
THAT the meeting be adjourned at 7:17 p.m.
CARRIED
________________________________ ____________________________
T. JONES, MAYOR B. PANIZZA, TOWN CLERK
