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Debenture Committee

Meeting No. 3   Contact Rosemary MacKenzie, Council Administrator
Meeting Date Monday, January 25, 2010
   Phone 416-392-8021
Start Time 12:30 PM
   E-mail rmacken@toronto.ca
Location Committee Room 2, City Hall
  Chair   Mayor David Miller  

DB3.1

ACTION

Adopted 

Delegated 

Ward: All 
Authority to Issue a Debenture to the Canada Mortgage and Housing Corporation to Secure Capital Program Funding

Committee Decision

The Debenture Committee adopted the following:

 

1.         The Debenture Committee approve the issue of a 15-year amortizing debenture in aggregate principal amount of $57,743,758 to Canada Mortgage and Housing Corporation under the Municipal Infrastructure Lending Program, in accordance with the terms and conditions set out in the Commitment Letters and the Loan Agreement entered into by the Mayor and Deputy City Manager and Chief Financial Officer, and in accordance with the report (January 15, 2010) from the Deputy City Manager and Chief Financial Officer.

 

2.         The Debenture Committee approve the interest rate for the 15-year amortizing debenture in aggregate principal amount of $57,743,758 to be issued to Canada Mortgage and Housing Corporation at 3.98 percent.

 

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.
Origin
(January 15, 2010) Report from the Deputy City Manager and Chief Financial Officer
Summary

This report requests authority to issue a debenture for $57,743,758 to the Canada Mortgage and Housing Corporation (CMHC) to finance some of the eligible project costs of the City’s Capital Budget and Plan through CMHC’s Municipal Infrastructure Lending Program.
Background Information
Report (January 15, 2010) from the Deputy City Manager and Chief Financial Officer, headed "Authority to Issue a Debenture to the Canada Mortgage and Housing Corporation to Secure Capital Program Funding"
(http://www.toronto.ca/legdocs/mmis/2010/db/bgrd/backgroundfile-26473.pdf)
Motions
1 - Motion to Adopt Item moved by Cam Weldon (Carried)

That the Debenture Committee adopt the staff recommendations contained in the following reports:

 

1.         (January 15, 2010) from the Deputy City Manager and Chief Financial Officer [DB3.1]; and

 

2.         (January 21, 2010) from the Deputy City Manager and Chief Financial Officer [DB3.1a]. 

1a Supplementary Report - Interest Rate for Debenture to the Canada Mortgage and Housing Corporation
Origin
(January 21, 2010) Report from the Deputy City Manager and Chief Financial Officer
Summary

This supplementary report discloses the interest rate to be applied to the debenture for $57,743,758 to be issued to the Canada Mortgage and Housing Corporation (CMHC), subject to the Debenture By-Law being adopted by Debenture Committee.
Background Information
Supplementary report (January 21, 2010) from the Deputy City Manager and Chief Financial Officer - Interest Rate for Debenture to CMHC
(http://www.toronto.ca/legdocs/mmis/2010/db/bgrd/backgroundfile-26751.pdf)

DB3.2

ACTION

Adopted 

Delegated 

 
Enactment of By-laws

Committee Decision

General Bills

The Debenture Committee enacted By-law 83-2010.

 

Confirmatory Bill

The Debenture Committee passed a Confirmatory Bill as By-law 84-2010. 
Summary

Introduction and consideration of bills for enactment as By-laws.
Motions
1 - Motion to Introduce and Pass General Bills moved by Councillor Shelley Carroll (Carried)

That the Debenture Committee pass and declare as a by-law Bill 101, prepared for the January 25, 2010 meeting of the Debenture Committee:

 

Bill No.

By-law No.

Title and Authority

101

83-2010

To authorize the borrowing upon issuance of an instalment debentures in the principal amount of $57,743,758.00 to the Canada Mortgage and Housing Corporation.

 

Debenture Committee Item 3.1, as adopted by the Debenture Committee on January 25, 2010 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 proceedings of the Debenture Committee acting under delegated authority at its meeting on January 25, 2010:

 

Bill No.

By-law No.

Title and Authority

102

84-2010

To confirm the proceedings of the Debenture Committee at its meeting held on the 25th day of January, 2010 as it relates to decisions made under delegated authority.

 

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

 

Procedural Motions
1 - Motion to Adopt Minutes moved by Cam Weldon (Carried)

That the Minutes of the Debenture Committee from Meeting 2 held on January 18, 2010, be confirmed.

 

 

 
Monday, January 25, 2010
Councillor Shelley Carroll, Chair, Debenture Committee
Meeting Sessions
Session Date Session Type Start Time End Time Public or Closed Session
2010-01-25 Afternoon 12:35 PM 12:37 PM Public
Attendance
Members were present for some or all of the time period indicated.
Date and Time Quorum Members
2010-01-25
12:35 PM - 12:37 PM
(Public Session) 		Present Present: Carroll (Chair), Pennachetti, Weldon
Not Present: Miller