February 29, 2016, at 3:00 PM
Present:
Deputy M. Cassidy, J. Morgan, V. Ridley, H.L. Usher, J. Zaifman, L. Rowe (Secretary)
Also Present:
A. Zuidema, A.L. Barbon, D. Bordin, M. Hayward, L. Peterdy (TD Securities) A. Ripepi, J. Senese
1. Disclosures of
Pecuniary Interest
That it BE NOTED that no pecuniary interests were disclosed.
2. 2016 Debenture
Issue Update
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 2016 debenture issue: a) the issue of instalment debentures for a total of $27,000,000 BE APPROVED; it being noted that the average all-in-rate is 2.30% over a 10-year term; and b) the proposed by-law appended to the staff report dated February 29, 2016 BE INTRODUCED at the Municipal Council meeting of March 1, 2016, for three readings, to authorize the borrowing upon instalment debentures in the aggregate principal amount of $27,000,000 towards the cost of certain capital works of the Corporation of the City of London; it being noted that the Corporate Services Committee heard a verbal delegation from Les Peterdy, Director, Government Finance, TD Securities regarding the debenture issuance and general market conditions and forecasts.