March 1, 2017, at 2:32 PM
Present:
P. Hubert, M. Brown, J. Helmer, J. Morgan, T. Park, H.L. Usher, C. Saunders (Acting Secretary)
Also Present:
A. Hopkins, M. van Holst; M. Hayward, A.L. Barbon, G. Belch, B. Card, K. Dawtrey, A. Hagan, V. McAlea Major, M. Ribera, B. Westlake-Power
Pecuniary Interest
Debenture Issue Update
That, on the recommendation of the Managing Director, Corporate Services and City Treasurer, Chief Financial Officer & Acting City Manager, the following actions be taken with respect to the 2017 debenture issue: a) the issue of serial debentures for a total of $41,000,000 BE APPROVED, noting the average all-in-rate is 2.48% over a 10-year term; and b) the proposed by-law appended to the staff report dated March 1, 2017 BE INTRODUCED at the Municipal Council meeting of March 2, 2017, to authorize the borrowing upon serial debentures in the aggregate principal amount of $41,000,000, toward the cost of certain capital works of The Corporation of the City of London; it being noted that the Corporate Services Committee received the attached presentation from Paul Belanger, Managing Director, Government Finance and Mansoor Khan, Vice President, Government Finance, TD Securities regarding the debenture issuance and general market conditions and forecasts.
Motion Passed
Vote:
Yeas: M. Brown P. Hubert J. Helmer J. Morgan T. Park H.L. Usher (6)
Motion Passed
Votes
1 substantive vote at this meeting (1 contested, 0 unanimous). Procedural motions excluded.
2. STAFF REPORT - 2017
Debenture Issue Update
Motion Passed
✅ Motion Passed
View roll call
Yea (6): Josh Morgan, Jesse Helmer, Matt Brown, Paul Hubert, Harold Usher, Tanya Park