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Old 02-19-2010, 02:50 PM   #1
Northern Boy
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Default Taking corruption to the next level

This may pertain only to Ontario CanadaI`m not sure . Here in Ontario we have gone through out amalgamation growing pains where by services are downloaded to municipalities causing strain . At first those municipalities thought it would just be able to increase hydro costs to consumers to generate extra revenue however the Province stepped in and said no go. Good for the enduser ........... or so we thought ?

The city of Toronto facing a 60 million dollar shortfall sold off the streetlights in 2005 and then entered ingto a contract to rent them off the purchaser for the next 30 years the price ........ 420 million dollars . The city has gone to lengths to prevent this from getting out and its no wonder why Corruption has taken a toll here . There was no open bid for this purchase and in fact only 1 bidder that bidder was Toronto hydro ......... and it is part of the city

http://www.thestar.com/news/gta/arti...0-million?bn=1


Bill for Toronto street lights will top $400 millionToronto to pay $420 million to rent lights it sold for $60 million in last-minute 2005 budget deal


After selling its street lights to Toronto Hydro in 2005 to raise $60 million, the City of Toronto will pay more than $420 million over the next 30 years to rent the lights back, the contract agreement shows.

The controversial contract was obtained by the Greater Toronto Electrical Contractors Association through a freedom of information request – which the city strongly opposed.

Bob O'Donnell, executive director of the association, said the sale is likely a poor deal because no one else was allowed to bid for the street lights.

Toronto Councillor Denzil Minnan-Wong agrees.

"We sold it off in desperation and didn't get a good price for it," Minnan-Wong said in an interview.

The city is Toronto Hydro's sole shareholder. However, through property taxes, city residents and businesses will pay roughly $14 million a year until 2035 to use the street lights.

The agreement lists the annual payment as $13.6 million, but the amount is adjusted yearly for inflation. That means the cumulative payment over the 30-year life of the contract will top $420 million.
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Old 02-19-2010, 03:01 PM   #2
Céline
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Default Re: Taking corruption to the next level

Hydro-Quebec (Ontario) ...it doesnt surprise me.

In Quebec, the Hydro building headquarters has a huge bust of Rene Levesque out front..

Political energy...gotta hate it.
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