August 26, 2013, at 3:33 PM
Present:
J.F. Fontana, N. Branscombe, J.P. Bryant, B. Polhill, J.B. Swan, L. Rowe (Secretary)
Also Present:
A. Zuidema, A. Ripepi, J. Senese, M. Turner
1. Recommendation: That it BE NOTED that no
pecuniary interests were disclosed.
2. 2013 Debenture
Issue Update
Recommendation: That on the recommendation of the Managing Director, Corporate Services and City Treasurer, Chief Financial Officer, the following actions be taken with respect to the 2013 debenture issue update: a) the issue of a ten-year serial debenture for $50,000,000 BE APPROVED, noting the average all-in-rate is 3.299%; and b) the proposed by-law D.-768-283 appended to the staff report dated August 26, 2013 BE INTRODUCED at the Municipal Council meeting of August 27, 2013, for three readings to authorize the borrowing upon serial debentures for a ten-year term for $50,000,000 towards the cost of certain capital works of The Corporation of the City of London; it being noted that the Corporate Services Committee received a verbal overview from J. Senese, Manager III, Financial and the attached presentation from Les Peterdy, CFA, Director, Government Finance, TD Securities, with respect to this matter.
The meeting adjourned at 4:00 PM.