O. Reg. 135/02: WATER POWER LEASES - NIAGARA PARKS COMMISSION
filed April 16, 2002 under Electricity Act, 1998, S.O. 1998, c. 15, Sched. ASkip to content
ONTARIO regulation 135/02
made under the
Electricity act, 1998
Made: April 12, 2002
Filed: April 16, 2002
Printed in The Ontario Gazette: May 4, 2002
Water power leases — Niagara Parks Commission
1. In this Regulation,
“Commission” means The Niagara Parks Commission;
Prescribed holders of water power leases
2. For the purposes of subsection 92.1 (5.1) of the Act, the following persons are prescribed holders of water power leases under the Niagara Parks Act for the following years:
1. Canadian Niagara Power Limited, for 2001.
2. OPG-Niagara Plant Group Inc., for 2001 and subsequent years.
If the amount payable for 2002 or a subsequent year by OPG-Niagara Plant Group Inc. under subsection 92.1 (5.1) of the Act exceeds the total amount paid in instalments for the year on account of that amount, OPG-Niagara Plant Group Inc. shall pay the balance for the year on or before February 16 of the following year.
7. (1) The Commission shall acknowledge receipt, in a form approved by the Minister of Finance, of all payments under subsection 92.1 (5.1) of the Act that are received from each prescribed holder of a water power lease in respect of a year.
(2) The Commission shall give the acknowledgment under subsection (1) to the Minister of Finance and to each prescribed holder of a water power lease on or before the last day of February in the year after the year to which the acknowledgement relates or on or before such later day as the Minister of Finance may specify for the year.
(3) Despite subsection (2), the acknowledgement relating to 2001 may be given to the Minister of Finance and to each prescribed holder of a water power lease on or before May 10, 2002.
8. If OPG-Niagara Plant Group Inc. fails to pay the balance, if any, of an amount payable for a year under subsection 92.1 (5.1) of the Act by the day required under subsection 6 (2), OPG-Niagara Plant Group Inc. is liable to a penalty, when assessed, equal to 5 per cent of the unpaid amount or $6, whichever is greater.
9. OPG-Niagara Plant Group Inc. is liable to pay interest at the rate prescribed by section 10, calculated and charged daily, on the unpaid portion of any amount payable under subsection 92.1 (5.1) of the Act or this Regulation from the day on which the payment is due to the day on which the amount plus the interest is received by the Commission.
Rate of interest
10. (1) The prescribed rates of interest shall be determined in accordance with the following rules:
1. A base rate of interest shall be determined for January 1, 2002 and for each adjustment date after January 1, 2002 and shall be equal to the average prime rate on,
i. October 15 of the previous year, if the adjustment date is January 1,
ii. January 15 of the same year, if the adjustment date is April 1,
iii. April 15 of the same year, if the adjustment date is July 1, and
iv. July 15 of the same year, if the adjustment date is October 1.
2. The base rate of interest in effect on a particular date shall be,
i. the base rate for the particular date, if the particular date is an adjustment date, and
ii. the base rate for the last adjustment date before the particular date, otherwise.
3. The prescribed rate of interest payable by an entity under the Act in respect of a particular day shall be an annual interest rate that is three percentage points higher than the base rate of interest in effect on that day.
4. The prescribed rate of interest to be paid or allowed to an entity under the Act in respect of a particular day shall be an annual interest rate that is two percentage points lower than the base rate of interest in effect for that day.
5. For an overpayment that results from a decision of the Minister of Finance or a court on an objection to, or an appeal from, an assessment or a statement of disallowance, the prescribed rate of interest to be paid or allowed in respect of a particular day is the base rate of interest in effect for that day.
(2) In this section,
“adjustment date” means January 1, April 1, July 1 or October 1;
“average prime rate”, on a particular date, means the mean, rounded to the nearest whole percentage point, of the annual rates of interest announced by each of the Royal Bank of Canada, The Bank of Nova Scotia, the Canadian Imperial Bank of Commerce, the Bank of Montreal and The Toronto-Dominion Bank to be its prime or reference rate of interest in effect on that date for determining interest rates on Canadian dollar commercial loans by that bank in Canada.
11. This Regulation shall be deemed to have come into force on January 1, 2001.
James M. Flaherty
Minister of Finance
Dated on April 12, 2002.