We’ve got $18 million ‘in the bank’ so the lights shouldn’t go out.

By Staff

BURLINGTON, ON March 29, 2011 – It was certainly the shortest full City Council meeting in this term of office and is probably one of the shortest on record for the city of Burlington. Les than two minutes.

All those power lines along the west Beach bring power to your door step.

All those power lines along the west Beach bring power to your door step.

But it had a huge chunk of change attached to it – the city approved and is therefore on the hook for $18 million in interim financing made available to Burlington Hydro Inc, which you the tax payer own. Now we didn’t spend that amount of money, in fact we didn’t even have that amount of money – what the city did do was set up a line of credit with the TD bank so that we could pay our hydro bill.

We had to have “money in the ban;” to pay for any hydro we may have had to buy from an organization that is in place to buy and sell hydro between the different hydro organizations. And apparently they don’t take cheques.

So if for some reason we here in Burlington can’t provide the hydro power needed than we have to move real quick and buy some power from someone who has a bit extra. This all happens in mere minutes. The folks who are selling us the power want to be sure we can pay for it.

There are literally hundreds of hydro corporations involved in this set up. We had to show that we had the cash to pay the bill. $18 million in total. The resolution didn’t say if it was Canadian or US funds.


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