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Electricity supply to two municipal markets will be disconnected by tomorrow if the Georgetown Municipality does not attempt to honour its financial obligation of more than $1B to the Guyana Power and Light Incorporated (GPL).The power company, in a statement issued yesterday, said that it is prepared to disconnect firstly the electricity supply to the Kitty and La Penitence markets if the municipality does not honour an agreement reached during a meeting held between the two parties on November 21 last.GPL, last month, had moved to disconnect a number of municipal entities including the City Hall which among other municipal facilities remained disconnected up to yesterday. No previous attempt had been made to disconnect market facilities.At the meeting, which saw the attendance of GPL’s Chief Executive Officer, Bharat Dindyal; GPL’s Senior Finance and Commercial Services Director, Mr Aeshwar Deonarine; Acting Town Clerk, Mrs Yonette Pluck-Cort and Acting City Treasurer Monica Irving, a number of agreements had been reached.According to the GPL statement the two parties had discussed and agreed that the power company owed the municipality for rates and taxes amounting to more than $113M for the period January 2005 to December 2009.Contrary to reports from the municipality, the GPL stated that the power company does not yet owes rates and taxes for the new Kingston Plant as it has not yet been invoiced by the municipality. According to the statement the new property will be valued after which an invoice should be issued.The statement noted that the municipality is indebted to GPL a sum that has amounted to more than $624M and it was established that both entities have the legal right to apply interest charges on arrears.However, it was agreed that both parties would waive any and all such charges. GPL in its calculation have been able to deduce that the municipality’s arrears in accordance with GPL’s Licence now amounts to $1,357,Jerseys From China,489,669.The statement highlighted that plans were made for the power company and the municipality to exchange cheques in the sum of S113,Cheap Jerseys Supply,827,500 on or before Thursday,Wholesale Authentic NFL Jerseys, November 26 last.It was also agreed that the municipality is indebted to the Guyana Electricity Corporation (GPL’s predecessor) for electricity arrears in the sum of S34M as at September 30, 1999.  The GEC, on the other hand,China Jerseys Cheap, is indebted to the municipality for rates and taxes in the sum of S62M as at September 30, 1999. “The GPL will settle the net difference of $28,599,412 ($62,605,127 less $34,005,715) owing by GEC. This payment will be done by a second exchange of cheques on or before Thursday,Wholesale Jerseys Free Shipping, 26 November 2009.”As part of the agreement, the two entities had agreed to undertake a joint exercise to determine the number of street lights being billed against the latter’s account and to determine how many lights are malfunctioning (working continuously or not working at all).The two had also agreed to undertake a thorough audit of all the latter’s meters to ascertain their level of accuracy. “Once all of the above has been done, the GM&CC will enter into a payment arrangement to settle its remaining indebtedness. At that point the electricity supply to City Hall will be reconnected,” the statement noted.“We are still awaiting the exchange of cheques and the joint audit of street lights and meters and strongly urge that you initiate steps to fulfil your part of the agreement, as we stand prepared to honour ours.”In expressing its disgust in having to deal with the municipality, the GPL statement added that “We are exhausted by the numerous efforts we have made since 2004 to resolve the GM&CC’s indebtness.”The statement further noted that since it appears that the municipality does not intend to have a resolution,NFL Jerseys Discount, the power company would have no choice but to disconnect the municipal electricity services and seek legal redress.