ML20133B694

Submits Ordinance 850-96 Re Approval of Merger of Centerior & Oh Edison Into Firstenergy

ML20133B694
Person / Time
Site:	Davis Besse, Perry
Issue date:	12/18/1996
From:	Brewer L, Cook G TOLEDO, OH
To:
References
NUDOCS 9701060099
Download: ML20133B694 (2)

Text

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gf-OE MERG2.ORD 9do ORDINANCE NO. 850-96

. Authorising the Mayor to execute agreements establishing

electric rates and economic development incentives with

! Toledo Edison, Ohio Edison and Cleveland Electric j Illuminating and urging quick approval of the merger of

j. Centerior and Ohio Edison into FirstEnergy.

WHEREAS, on September 13, 1996, Ohio Edison and Centerior j Energy, the parent company of Toledo Edison, entered into an

agreement to merge into FirstEnergy Corporation; and

WHEREAS, Toledo has negotiated a Stipulation and

Recommendation with the merger companies and the Ohio Consumers' 1 counsel providing for rate decreases to be implemented after the

} effective date of the merger and a settlement of the Toledo Edison j rate case appeal; and WHEREAS, Toledo has also negotiated an economic development

. incentive agreement with Toledo Edison providing for grants, loans l and donations of property to the City; and i

! WHEREAS, as a consequence of the rate reductions and economic 1

incentives, all of which are on file with the Clerk of Council, Toledo has agreed to support the merger of Ohio Edison and

Centerior Energy into FirstEnergy; NOW, THEREFORE, i

j Be it ordained by the Council of the City of Toledo:

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, SECTION 1. That the Mayor and appropriate legal staff are l hereby authorized to execute the Stipulation and Recommendation

! with the merger companies and the Ohio Consumers' Counsel and take l all appropriate actions to stay and, after the effective date of

? the merger, dismiss the city's appeal of the recent Toledo Edison I

rate increase (Ohio Supreme Court Case No. 96-1886).

l l SECTION 2. That the Mayor is further authorized to execute the economic incentive agreement with Toledo Edison and enter into contracts for the environmental assessment of the Toledo Edison steam plant and the Acme power plant as provided in the agreement.

SECTION 3. That the city of Toledo hereby urges state and federal regulators to quickly approve the FirstEnergy merger so that its benefits for customers, employees and Toledo can begin as soon as possible.

SECTION 4. That the Clerk of Council is authorized and directed to provide copies of this ordinance and all appropriate documents to Governor George V. Voinovich, Ohio Consumers' Counsel 0

9701060099 961218 s PDR ADOCK 05000346 /(<[ "' . I l

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2 Robert S. Tongren, members of the Federal Energy Regulatory Commission, members of the Nuclear Regulatory Commission, and i members of the Public Utilities Commission of Ohio. '

SECTION 5. That this ordinance shall take effect and be in force at the earliest date allowed by law.

i PASSED: Decmeber 17 1996: yeas 11

, nays 0 j

ATTEST: Mk M a 2 1

LARRY 6.VBREWER XtES'IDENT OF COUNCIL i

Clerk of Council 5

l Approved: DEC 18 =is , 1996 J

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MAYOR 1

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l I hereby certify that the above is a true and correct copy of l 1 an Ordinance passed by Council DEC 17  : , 1996. !

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ATTEST:

IJQtRI J. N' EWER Clerk of council PUBLISHED IN TCJ 12-21-96 Law Utilities Toled.o Edison Govenor George Voinovich Ohio Consumers' Counsel Fede Energy Regulatory Commission members

, clear Regulatory Commission members PUC0 members 12-18-96 UA42