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Debenture Committee

Meeting No. 7   Contact Suzanne Millar, Acting Administrator
Meeting Date Thursday, August 19, 2010
   Phone 416-392-6276
Start Time 12:00 PM
   E-mail smillar@toronto.ca
Location Committee Room 4, City Hall
  Chair   Mayor David Miller  

DB7.1

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 issuance of 30 year sinking fund debentures in the amount of $200 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 August 12, 2010, as further described in this report.

 

2.         The Debenture Committee grant authority 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
(August 13, 2010) Report from the 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 August 19, 2010 to give effect to the issuance of sinking fund debentures in the amount of $200 million that were syndicated and sold in the domestic capital market on August 12, 2010 and will be issued on August 20, 2010.  The debentures were issued with a term of 30 years, in keeping with the strategy adopted by Council for financing the 2010-2019 Capital Budget and Plan.
Background Information
Issuance of Debentures
(http://www.toronto.ca/legdocs/mmis/2010/db/bgrd/backgroundfile-33173.pdf)
Motions
1 - Motion to Adopt Item moved by Joseph Pennachetti (Carried)

That the Debenture Committee adopt the staff recommendations contained in the report (August 13, 2010) from the Deputy City Manager and Chief Financial Officer.

DB7.2

ACTION

Adopted 

Delegated 

 
Enactment of By-laws

Committee Decision

General Bills

The Debenture Committee enacted By-law No. 968-2010.

 

Confirmatory Bill

The Debenture Committee passed a Confirmatory Bill as By-law No. 969-2010.
Summary

Introduction and consideration of bills for enactment as By-laws.
Background Information
(August 19, 2010) Debenture Committee By-law Index for August 19, 2010
(http://www.toronto.ca/legdocs/mmis/2010/db/bgrd/backgroundfile-33219.pdf)
Motions
1 - Motion to Introduce and Pass General Bills moved by Cam Weldon (Carried)

That the Debenture Committee pass and declare as a by-law Bill 972 prepared for the August 19, 2010 meeting of the Debenture Committee.

 

Bill No.

By-law No.

Title and Authority

972

968-2010

To authorize the borrowing upon sinking fund debentures in the principal amount of $200,000,000.00 for purposes of the City of Toronto Reopening of 5.20% $400,000,000 Sinking Fund Debentures due June 1, 2040.

 

Debenture Committee Item 7.1, as adopted by the Debenture Committee on August 19, 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 Joseph Pennachetti (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 August 19, 2010.

 

Bill No.

By-law No.

Title and Authority

973

969-2010

To confirm the proceedings of the Debenture Committee at its meeting held on the 19th day of August, 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 6 held on June 29, 2010, be confirmed.
Thursday, August 19, 2010
Councillor Shelley Carroll, Chair, Debenture Committee
Meeting Sessions
Session Date Session Type Start Time End Time Public or Closed Session
2010-08-19 Afternoon 12:00 PM 12:03 PM Public
Attendance
Members were present for some or all of the time period indicated.
Date and Time Quorum Members
2010-08-19
12:00 PM - 12:03 PM
(Public Session) 		Present Present: Carroll (Chair), Pennachetti, Weldon
Not Present: Miller