March 5, 2018, at 3:30 PM
Present:
J. Helmer, J. Morgan, P. Hubert, M. van Holst, and J. Zaifman
Absent:
M. Brown
Also Present:
L. Rowe (Secretary), A.L. Barbon, D. Bordin, J. Davies, D. Dobson, T. Fowler, B. Knight, M. Ribera, C. Saunders, S. Spring, K. Van Lammeren, B. Westlake-Power, K. Yeung (CIBC).
1. Disclosures of Pecuniary Interest
None.
2. Consent
2.1 STAFF REPORT - 2018 Debenture Issuance Update
2018-03-05 Staff Report - 2018 Debenture Issuance Update
Moved by P. Hubert
Seconded by J. Zaifman
That, on the recommendation of the Managing Director, Corporate Services and City Treasurer, Chief Financial Officer, the following actions be taken:
a) the issue of serial debentures for a total of $55,000,000 BE APPROVED; it being noted that the average all-in-rate is 2.976% over a 10-year term; and
b) the proposed by-law appended to the staff report dated March 5, 2018 BE INTRODUCED at the Municipal Council meeting on March 6, 2018, to authorize the borrowing upon serial debentures in the aggregate principal amount of $55,000,000 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 presentation from K. Yeung (CIBC), with respect to this matter.
Motion Passed (5 to 0)
3. Scheduled Items
None.
4. Items for Direction
None.
5. Deferred Matters/Additional Business
None.
6. Adjournment
Moved by P. Hubert
Seconded by J. Morgan
That the meeting adjourn.
Motion Passed (5 to 0)
The meeting adjourned at 3:52 PM.