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Debenture Committee

Meeting No. 5   Contact Rosemary MacKenzie, Council Administrator
Meeting Date Wednesday, April 28, 2010
   Phone 416-392-8021
Start Time 1:30 PM
   E-mail rmacken@toronto.ca
Location Committee Room 3, City Hall
  Chair   Mayor David Miller  

DB5.1

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 April 21, 2010 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.

 

3.         The Debenture Committee authorize the appropriate City of Toronto officials to take the necessary actions to give effect thereto.
Origin
(April 23, 2010) 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 to be held on April 28, 2010 to give effect to the issuance of sinking fund debentures in the amount of $400 million that were syndicated and sold in the domestic capital market on April 21, 2010.
Background Information
(April 23, 2010) report from the Deputy City Manager and Chief Financial Officer on the Issuance of Debentures
(http://www.toronto.ca/legdocs/mmis/2010/db/bgrd/backgroundfile-29631.pdf)
Motions
1 - Motion to Adopt Item moved by Councillor Shelley Carroll (Carried)

That the Debenture Committee adopt the staff recommendations contained in the report (April 23, 2010) from the Deputy City Manager and Chief Financial Officer.

DB5.2

ACTION

Adopted 

Delegated 

Ward: All 
Authority to Amend By-Law No. 80-2010 Authorizing a Debenture issued to the Federation of Canadian Municipalities

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 April 21, 2010 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.

 

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

The Debenture Committee re-opened Item DB2.1 (Debenture Committee – January 18, 2010).
Origin
(April 27, 2010) Report from 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 28th, 2010 to give effect to the amendment of the instalment debenture By-law No. 80-2010 authorizing a debenture be issued to the Federation of Canadian Municipalities for a loan to Exhibition Place for the Allstream Centre.
Background Information
(April 27, 2010) report from the Deputy City Manager and Chief Financial Officer on the Authority to Amend By-Law No. 80-2010 Authorizing a Debenture issued to the Federation of Canadian Municipalities
(http://www.toronto.ca/legdocs/mmis/2010/db/bgrd/backgroundfile-29697.pdf)
Amortization Schedule - Attachment 1 to the report (April 27, 2010) from the Deputy City Management and Chief Financial Officer
(http://www.toronto.ca/legdocs/mmis/2010/db/bgrd/backgroundfile-29698.pdf)
Motions
1 - Motion to Re-open Delegated Item moved by Mayor David Miller (Carried)

That the Debenture Committee re-open delegated Item DB2.1, headed "Authority to Issue a Debenture to the Federation of Canadian Municipalities to Secure Funding for the Allstream Centre", adopted by the Committee at its meeting on January 18, 2010.


2 - Motion to Adopt Item moved by Councillor Shelley Carroll (Carried)

That the Debenture Committee adopt the staff recommendations contained in the report (April 27, 2010) from the Deputy City Manager and Chief Financial Officer.

DB5.3

ACTION

Adopted 

Delegated 

 
Enactment of By-laws

Committee Decision

General Bills

The Debenture Committee enacted By-law Nos. 440-2010 and 441-2010.

 

Confirmatory Bill

The Debenture Committee passed a Confirmatory Bill as By-law 442-2010.
Summary

Introduction and consideration of bills for enactment as By-laws.
Background Information
Debenture Committee By-law Index for April 28, 2010
(http://www.toronto.ca/legdocs/mmis/2010/db/bgrd/backgroundfile-29742.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 Bill Nos. 438 and 439, prepared for the April 28, 2010 meeting of the Debenture Committee: 

 

Bill No.

By-law No.

Title and Authority

438

440-2010

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 5.1, as adopted by the Debenture Committee on April 28, 2010 under the delegated authority of Section 30-5 of Chapter 30, Debenture Committee, of the City of Toronto Municipal Code.

439

441-2010

To amend By-law No. 80-2010 being a by-law "To authorize the borrowing upon issuance of an instalment debenture in the principal amount of $2,000,000.00 to the Federation of Canadian Municipalities".

 

Debenture Committee Item 2.1, as adopted by the Debenture Committee on January 18, 2010 and Debenture Committee Item 5.2, as adopted by the Debenture Committee on April 28, 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 28, 2010:

 

Bill No.

By-law No.

Title and Authority

440

442-2010

To confirm the proceedings of the Debenture Committee at its meeting held on the 28th 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 Councillor Shelley Carroll (Carried)

That the Minutes of the Debenture Committee from Meeting 4 held on April 15, 2010, be confirmed.

 

 

 

 
Wednesday, April 28, 2010
Mayor David Miller, Chair, Debenture Committee
Meeting Sessions
Session Date Session Type Start Time End Time Public or Closed Session
2010-04-28 Afternoon 1:34 PM 1:41 PM Public
Attendance
Members were present for some or all of the time period indicated.
Date and Time Quorum Members
2010-04-28
1:34 PM - 1:41 PM
(Public Session) 		Present Present: Carroll, Miller (Chair), Pennachetti, Weldon