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Debenture Committee

Meeting No. 1   Contact Cathrine Regan, Committee Administrator
Meeting Date Tuesday, September 29, 2009
   Phone 416-392-6276
Start Time 2:30 PM
   E-mail clerk@toronto.ca
Location Committee Room 4, City Hall
  Chair   Mayor David Miller  

DB1.1

ACTION

Adopted 

Delegated 

Ward: All 
Issuance of Debentures

Committee Decision

The Debenture Committee adopted the following:

 

1.         The Debenture Committee approve the provision of long term financing of certain capital works through the issue of sinking fund debentures in the amount of $400 million in accordance with the terms and conditions set out in the Purchase Letter entered into by the Mayor and the Deputy City Manager and Chief Financial Officer on September 21, 2009 as further described in this report.

 

2.         Authority be granted for the introduction of the necessary Bills to the Debenture Committee to authorize the issue of debentures, to authorize the new arrangements with CDS Clearing and Depository Services Inc. (“CDS”) and to authorize the issue of replacement debenture certificates and revenue bonds all as described in this report.

 

3.         The Debenture Committee authorize the appropriate City of Toronto officials to take the necessary actions to give effect thereto.
Decision Advice and Other Information

Len Brittain, Director, Corporate Finance, made a presentation to the Debenture Committee regarding this Item.
Origin
(September 22, 2009) Report from Deputy City Manager and Chief Financial Officer
Summary

This report requests that the necessary Bills be introduced and adopted by the Debenture Committee at its meeting on September 29, 2009 to give effect to the issue of sinking fund debentures in the amount of $400 million that were syndicated in the domestic capital market on September 21, 2009.
Background Information
Report (September 22, 2009) from the Deputy City Manager and Chief Financial Officer, headed "Issuance of Debentures"
(http://www.toronto.ca/legdocs/mmis/2009/db/bgrd/backgroundfile-23558.pdf)
Presentation material (September 29, 2009) submitted by the Director, Corporate Finance
(http://www.toronto.ca/legdocs/mmis/2009/db/bgrd/backgroundfile-23867.pdf)
Motions
1 - Motion to Adopt Item moved by Mayor David Miller (Carried)

That the Debenture Committee adopt the recommendations contained in the report (September 22, 2009) from the Deputy City Manager and Chief Financial Officer.

DB1.2

ACTION

Adopted 

Delegated 

 
Enactment of By-laws

Committee Decision

General Bills

The Debenture Committee enacted By-laws 884-2009 to 886-2009.

 

Confirmatory Bill

The Debenture Committee passed a Confirmatory Bill as By-law 887-2009.
Summary

Introduction and consideration of bills for enactment as By-laws.
Background Information
Debenture Committee By-law Index for September 29, 2009
(http://www.toronto.ca/legdocs/mmis/2009/db/bgrd/backgroundfile-23868.pdf)
Motions
1 - Motion to Introduce and Pass General Bills moved by Councillor Shelley Carroll (Carried)

That the Debenture Committee pass and declare as by-laws Bills 953 to 955, prepared for the September 29, 2009 meeting of the Debenture Committee:

 

Bill No.

By-law No.

Title and Authority

953

884-2009

To authorize the issue of replacement debenture certificates and revenue bonds.

 

Debenture Committee Item 1.1, as approved by the Debenture Committee on September 29, 2009 under the delegated authority of Section 30-5 of Chapter 30, Debenture Committee, of the City of Toronto Municipal Code.

954

885-2009

To authorize the execution of a book entry only - services agreement and a rider, both with CDS Clearing and Depository Services Inc. (“CDS”) and both in respect of the deposit in the CDS system of debentures and revenue bonds as book entry only securities.

 

Debenture Committee Item 1.1, as approved by the Debenture Committee on September 29, 2009 under the delegated authority of Section 30-5 of Chapter 30, Debenture Committee, of the City of Toronto Municipal Code.

955

886-2009

To authorize the borrowing upon sinking fund debentures in the principal amount of $400,000,000.00 for purposes of the City of Toronto.

 

Debenture Committee Item 1.1, as approved by the Debenture Committee on September 29, 2009 under the delegated authority of Section 30-5 of Chapter 30, Debenture Committee, of the City of Toronto Municipal Code.

 


2 - Motion to Introduce and Pass Confirmatory Bill moved by Councillor Shelley Carroll (Carried)

That the Debenture Committee pass and declare as a by-law, a confirmatory bill to confirm the legislative proceeding of the Debenture Committee acting under delegated authority at its meeting on September 29, 2009:

 

Bill No.

By-law No.

Title and Authority

956

887-2009

To confirm the proceedings of Debenture Committee at its meeting held on the 29th day of September, 2009 as it relates to decisions made under delegated authority.

 

(This final confirming By-law confirms the actions taken by Debenture Committee under delegated authority at this meeting, including the enactment of any previous confirming By-laws).

 

Tuesday, September 29, 2009
Mayor David Miller, Chair, Debenture Committee
Meeting Sessions
Session Date Session Type Start Time End Time Public or Closed Session
2009-09-29 Afternoon 2:35 PM 2:45 PM Public
Attendance
Members were present for some or all of the time period indicated.
Date and Time Quorum Members
2009-09-29
2:35 PM - 2:45 PM
(Public Session) 		Present Present: Carroll, Miller, Pennachetti
Not Present: Weldon