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Debenture Committee

Meeting No. 4   Contact Rosemary MacKenzie, Council Administrator
Meeting Date Thursday, April 15, 2010
   Phone 416-392-8021
Start Time 1:45 PM
   E-mail rmacken@toronto.ca
Location Committee Room 3, City Hall
  Chair   Mayor David Miller  

DB4.1

ACTION

Adopted 

Delegated 

Ward: All 
Repeal of Sinking Fund Debenture By-law No. 886-2009

Committee Decision

The Debenture Committee adopted the following:

 

1.         The Debenture Committee approve the repeal of By-law No. 886-2009 as contained in Recommendation 8 of Executive Committee Item EX40.10, entitled “Monetization of the Toronto Hydro Promissory Note” approved by Council at its meeting held on February 22 and 23, 2010.

 

2.         Authority be granted for the introduction of the necessary Bill to the Debenture Committee to authorize the repeal of the Debenture By-law No. 886-2009.

 

3.         The Debenture Committee authorize the appropriate City of Toronto officials to take the necessary actions to give effect thereto.
Origin
(April 14, 2010) Report from the Deputy City Manager and Chief Financial Officer
Summary

This report requests that the necessary Bill be introduced and adopted by the Debenture Committee at its meeting on April 15th, 2010 to give effect to the repeal of the sinking fund debenture By-law No. 886-2009.
Background Information
Report (April 14, 2010) from the Deputy City Manager and Chief Financial Officer
(http://www.toronto.ca/legdocs/mmis/2010/db/bgrd/backgroundfile-29391.pdf)
Motions
1 - Motion to Adopt Item moved by Cam Weldon (Carried)

That the Debenture Committee adopt the staff recommendations contained in the report (April 14, 2010) from the Deputy City Manager and Chief Financial Officer.

DB4.2

ACTION

Adopted 

Delegated 

 
Enactment of By-laws

Committee Decision

General Bills

The Debenture Committee enacted By-law 365-2010.

 

Confirmatory Bill

The Debenture Committee passed a Confirmatory Bill as By-law 366-2010.
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 364, prepared for the April 15, 2010 meeting of the Debenture Committee:

 

Bill No.

By-law No.

Title and Authority

364

365-2010

To repeal By-law No. 886-2009 being a By-law "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 4.1, as adopted by the Debenture Committee on April 15, 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 April 15, 2010:

 

Bill No.

By-law No.

Title and Authority

365

366-2010

To confirm the proceedings of the Debenture Committee at its meeting held on the 15th day of April, 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 3 held on January 25, 2010, be confirmed.

 

 

 
Thursday, April 15, 2010
Mayor David Miller, Chair, Debenture Committee
Meeting Sessions
Session Date Session Type Start Time End Time Public or Closed Session
2010-04-15 Afternoon 1:47 PM 1:55 PM Public
Attendance
Members were present for some or all of the time period indicated.
Date and Time Quorum Members
2010-04-15
1:47 PM - 1:55 PM
(Public Session) 		Present Present: Carroll, Miller (Chair), Weldon
Not Present: Pennachetti