This excerpt taken from the TCLP 10-Q filed Nov 3, 2006.
TC PipeLines, LP
On April 6, 2006, Northern Border Pipeline entered into an operating agreement with TransCan Northwest Border Ltd. (TransCan), who will be Northern Border Pipelines operator effective April 1, 2007. TransCan is a wholly-owned subsidiary of TransCanada. TransCanada develops and operates energy infrastructure in North America. TransCanada has a significant network of pipelines that transport natural gas from Western Canada to Canadian and U.S. markets. TransCan is an affiliate of TC PipeLines, who owns a fifty percent interest in Northern Border Pipeline.
TransCanada has advised Northern Border Pipeline that it has retained, effective April 1, 2007, approximately 135 individuals, who currently operate Northern Border Pipelines system and will continue to operate Northern Border Pipelines system as employees of TransCanada beginning April 1, 2007. These employees are currently employed by ONEOK Partners GP, Northern Border Pipelines current operator.
Additionally, TransCan has advised Northern Border Pipeline, effective as of April 1, 2007, that it has retained Paul F. Miller to assume the responsibilities of vice-president and general manager of TransCan and it has retained Patricia M. Wiederholt as controller, Northern Border Pipeline of TransCan. Mr. Miller will have overall operational and financial performance responsibility for TransCans operations of Northern Border Pipeline. Mr. Miller will be the equivalent of Northern Border Pipelines principal executive officer, and he is currently Vice President Commercial, Northern Border Pipeline for ONEOK Partners GP. Ms. Wiederholt is currently Partnership Controller for ONEOK Partners GP. As controller of TransCan, Ms. Wiederholt will be the equivalent of Northern Border Pipelines principal financial officer.
Northern Border Pipelines current operating agreement with ONEOK Partners GP will terminate on March 31, 2007. As a result William R. Cordes, President Northern Border Pipeline for ONEOK Partners GP and Jerry L. Peters, Senior Vice President Chief Accounting Officer and Treasurer for ONEOK Partners GP, will no longer serve as the equivalent of Northern Border Pipelines principal executive officer and principal financial officer, respectively after March 31, 2007.
As previously disclosed, Mr. Cordes will retire from ONEOK Partners GP effective April 1, 2007. On October 24, 2006, Boardwalk Pipeline Partners, LP (Boardwalk) announced that Mr. Cordes was elected a director and member of the audit committee of Boardwalks general partner. Boardwalk, through its subsidiaries, is engaged in interstate transportation and storage of natural gas.
PART II. OTHER INFORMATION (Concluded)
This excerpt taken from the TCLP 10-Q filed May 10, 2005.
ITEM 5. OTHER INFORMATION
On May 4, 2005, the FERC issued a policy statement as a result of its request for comments on the proper tax allowance treatment for capital structures involving partnerships and other forms of ownership. Under the new policy, an income tax allowance would be permitted on all partnership interests if the owner of that interest has an actual or potential income tax liability on that income. As previously disclosed in TC PipeLines Annual Report on Form 10-K for the year ended December 31, 2004, Northern Border Pipelines tariff provides for an income tax allowance. Northern Border Pipeline advises that it believes that the policy statement generally is a positive development regarding income tax allowance in the derivation of rates for pipelines. In the event the policy statement is applied to Northern Border Pipeline, the issue of whether a particular owner has an actual or potential income tax liability and related matters may be resolved in individual rate proceedings.