Under the 2007 Note Purchase Agreement and 2011 Note Purchase Agreement, OTP may not permit the ratio of its Consolidated Debt to Total Capitalization to be greater than 0.60 to 1.00 or permit its Interest and Dividend Coverage Ratio to be less than 1.50 to 1.00, in each case as provided in the related borrowing agreement, and OTP may not permit its Priority Debt to exceed 20% of its Total Capitalization, as provided in the related agreement. As of December 31, 2018, OTP’s Interest and Dividend Coverage Ratio and Interest Charges Coverage Ratio, calculated under the requirements of the 2007 Note Purchase Agreement and 2011 Note Purchase Agreement, was 3.28 to 1.00.
Our strategy is to continue to grow our largest business, the regulated electric utility, which will lower our overall risk, create a more predictable earnings stream, improve our credit quality and preserve our ability to fund the dividend. Over time, we expect the electric utility business will provide approximately 75% to 85% of our overall earnings. We expect our manufacturing and plastic pipe businesses will provide 15% to 25% of our earnings and will continue to be a fundamental part of our strategy. The actual mix of earnings in 2018, 2017 and 2016 was 66%, 68% and 80%, respectively, from our electric utility business and 34%, 32% and 20%, respectively, from our manufacturing and plastic pipe businesses, including unallocated corporate costs.
7. Retained Earnings and Dividend Restriction The Company is a holding company with no significant operations of its own. The primary source of funds for payments of dividends to the Company’s shareholders is from dividends paid or distributions made by the Company’s subsidiaries. As a result of certain statutory limitations or regulatory or financing agreements, restrictions could occur on the amount of distributions allowed to be made by the Company’s subsidiaries. Both the Company and OTP credit agreements contain restrictions on the payment of cash dividends upon a default or event of default. An event of default would be considered to have occurred if the Company did not meet certain financial covenants. As of December 31, 2018, the Company was in compliance with these financial covenants. Under the Federal Power Act, a public utility may not pay dividends from any funds properly included in a capital account. What constitutes ‘funds properly included in a capital account’ is undefined in the Federal Power Act or the related regulations; however, the FERC has consistently interpreted the provision to allow dividends to be paid as long as (1) the source of the dividends is clearly disclosed, (2) the dividend is not excessive and (3) there is no self-dealing on the part of corporate officials. The MPUC indirectly limits the amount of dividends OTP can pay to the Company by requiring an equity-to-total-capitalization ratio between 47.9% and 58.5% based on OTP’s 2018 capital structure petition effective by order of the MPUC on October 18, 2018. As of December 31, 2018, OTP’s equity-to-total-capitalization ratio including short-term debt was 53.2% and its net assets restricted from distribution totaled approximately $477 million. Total capitalization for OTP cannot currently exceed $1.2 billion.
• Access to a unique assortment of products, which when combined, allows a customer to easily achieve full freight-allowed minimum weight requirements.
"It’s disheartening to know that a 14-year-old just walking the street can just randomly get hit by a random car for no reason," said Julio Acevedo, the owner of Carneceria Alegria.
The family member told police he asked Graczyk where the fuses for the bombs were and that Graczyk replied the fuses were arriving in the mail the next day and the bombs were “already filled up centerfire highly explosive,” followed with a plea, “don’t call the cops o.k.”
The 19-year-old, Luis Lopez, was struck in the head and was transported to a local hospital in serious condition. The father, Jose Lopez was also hit and received a laceration to his forearm.
Under a $239-million contract, Guangdong Changda Highway Engineering Co. and CCCC Second Harbour Engineering Co. are constructing the Fuchimen Bridge, which connects the 2010 bridge to a new route that will travel north on Zhoushan Island. While the 1,493-meter-long connector bridge “may seem a little small” compared to the extreme spans found elsewhere in China, “it is still innovative in design,” says a project spokesperson. Inverted Y-diamond main towers support a steel and concrete composite bridge deck, used for the first time in the area.
Ternium S.A. manufactures and processes various steel products in Mexico, Argentina, Bolivia, Chile, Paraguay, Uruguay, Colombia, the United States, Central America, and internationally.The firm is worth $6.15 billion. The firm operates in two divisions, Steel and Mining.The P/E ratio is 4.67. The Steel segment offers steel products, such as slabs, billets and round bars, hot-rolled coils and sheets, bars and stirrups, wire rods, cold-rolled coils and sheets, tin plates, hot dipped galvanized and electrogalvanized sheets, pre-painted sheets, steel pipes and tubular products, beams, roll formed products, and other products.
NORFOLK – Northeast Community College in Norfolk will be the site of a Computerized Numerical Control – CNC Operator class that begins in mid-March.
In a September 26, 2018 hearing the NDPSC approved an overall annual revenue increase of $4.6 million (3.1%) and a ROE of 9.77% on a 52.5% equity capital structure. This compares with OTP’s March 2018 adjusted annual revenue increase request of $7.1 million (4.8%) and a requested ROE of 10.3%. The NDPSC’s approval does not require any rate base adjustments from OTP’s original request and establishes a Generation Cost Recovery rider for future recovery of costs incurred for Astoria Station. The net revenue increase reflects a reduction in income tax recovery requirements related to the TCJA and decreases in rider revenue recovery requirements. Final rates will be effective February 1, 2019, with refunds of excess revenues collected under interim rates applied to customers’ April 2019 bills. OTP has accrued an interim rate refund of $3.0 million as of December 31, 2018, which includes the $0.8 million in excess revenue collected for income taxes under interim rates in effect in January and February 2018.
* I/We Love to Write, June 17-22, ages 7-11 from 9-11 a.m. or 11:30 a.m.-1:30 p.m.; ages 12-14 from 2-4 p.m.; ages 7 to adult family workshop from 6-8 p.m. Animal Science Building, East Campus.
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