The Debenture Committee adopted the following:

1.         The Debenture Committee approve the issue of a 20-year amortizing debenture in a maximum aggregate principal amount of $2.0 million to the Federation of Canadian Municipalities, in accordance with the terms and conditions set out in the Loan Agreement entered into by the Mayor, the Deputy City Manager and Chief Financial Officer and the City Clerk dated August 18, 2009, and in accordance with the report dated January 5, 2010, from the Deputy City Manager and Chief Financial Officer.

2.         The Debenture Committee amend the debenture interest rate contained in the report (January 5, 2010), headed "Authority to Issue a Debenture to the Federation of Canadian Municipalities to Secure Funding for the Allstream Centre", from 2.11 percent to 2.32 percent.

3.         The Debenture Committee receive, for information, Recommendation 2 contained in the report dated August 26, 2009 from the Chief Executive Officer of Exhibition Place, which was referred to the Debenture Committee by the Executive Committee at its meeting of September 8, 2009.

4.         The Debenture Committee grant authority for the introduction of the necessary bills to the Debenture Committee and authorize the appropriate City officials to take the necessary actions to give effect thereto.

The Executive Committee on September 8, 2009,  referred the following Recommendation 2 contained in the report (August 26, 2009) from the Chief Executive Officer, Exhibition Place, entitled "Capital Loan and Grant from the Federation of Canadian Municipalities for the Allstream Centre at Exhibition Place", to the Debenture Committee:

"It is recommended that City Council:

2.         At the Board of Governors request, authorize:

            a.         the Deputy City Manager and Chief Financial Officer to enter into an agreement with FCM, for the issuance and sale of a ten year amortizing debenture in a maximum aggregate principal amount of $2.0M, such agreement be on terms and conditions satisfactory to the Deputy City Manager and Chief Financial Officer of the Board in consultation with the City Solicitor;

b.         the Deputy City Manager and Chief Financial Officer and the Mayor to issue the debenture to FCM on behalf of the City and the Board of Governors; and

c.         the introduction of the necessary bills in Council to give effect thereto."

The Debenture Committee adopted the following:

1.         The Debenture Committee approve the issuance of a three-year amortizing debenture in a maximum aggregate principal amount of $187,500 to the Federation of Canadian Municipalities, in accordance with the terms and conditions set out in the Loan Agreement entered into by the Mayor, the Deputy City Manager and Chief Financial Officer and the City Clerk, dated November 9, 2009, and in accordance with the report (December 10, 2009) from the Deputy City Manager and Chief Financial Officer.

2.         The Debenture Committee approve the debenture interest rate of 1.75 percent for the Debenture of $187,500 to be issued to the Federation of Canadian Municipalities to Secure Funding for the Humber Arboretum project.

3.         The Debenture Committee grant authority for the introduction of the necessary bills to the Debenture Committee and authorize the appropriate City officials to take the necessary actions to give effect thereto.