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Debenture Committee

Meeting No. 8   Contact Suzanne Millar
Meeting Date Monday, October 18, 2010
   Phone 416-392-6276
Start Time 3:00 PM
   E-mail smillar@toronto.ca
Location Committee Room 2, City Hall
  Chair   Mayor David Miller  

DB8.1

ACTION

Adopted 

 

Ward: All 
Authority to Issue a Debenture to the Federation of Canadian Municipalities to Secure Funding for the Toronto Police Services

Committee Decision

The Debenture Committee adopted the following:

 

1.         The Debenture Committee approve the issuance of a twenty year amortizing debenture in a maximum aggregate principal amount of $2.0 million to FCM, 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 December 9, 2009, and in accordance with the report (October 5, 2010) from the Deputy City Manager and Chief Financial Officer.

 

2.         The Debenture Committee grant authority for the introduction of the necessary bills to authorize the issue of the debenture described in Recommendation 1 above.

 

3.         The Debenture Committee authorize the appropriate City officials to take the necessary actions to give effect thereto.
Origin
(October 5, 2010) Report from Deputy City Manager and Chief Financial Officer
Summary

This report requests authority for the City to issue a debenture for $2.0 million to the Federation of Canadian Municipalities (FCM) to finance a portion of the costs of the Toronto Police Services Training Centre (“the Project”) through FCM’s Green Municipal Fund Loan Program.  In addition, the Toronto Police Services will also be receiving a $300,000 grant from FCM in conjunction with the loan to finance the Project.
Background Information
(October 5, 2010) report from the Deputy City Manager and Chief Financial Officer on authority to issue a debenture to FCM to secure funding for the Toronto Police Service
(http://www.toronto.ca/legdocs/mmis/2010/db/bgrd/backgroundfile-33649.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 (October 5, 2010) from the Deputy City Manager and Chief Financial Officer.


Vote (Adopt Item)

Oct-18-2010
Result: Carried Majority Required
Yes: 4 Carroll, Miller (Chair), Pennachetti, Weldon 
No: 0  
Absent: 0  

DB8.2

ACTION

Adopted 

 

Ward: All 
Enactment of By-laws

Committee Decision

General Bills

The Debenture Committee enacted By-law No. 1189-2010.

 

Confirmatory Bill

The Debenture Committee passed a Confirmatory Bill as By-law No. 1190-2010.
Summary

Introduction of bills and enactment of By-laws.
Background Information
(October 18, 2010) Debenture Commitee By-law Index for October 18, 2010
(http://www.toronto.ca/legdocs/mmis/2010/db/bgrd/backgroundfile-33709.pdf)
Motions
1 - Motion to Introduce and Pass General Bills moved by Joseph Pennachetti (Carried)

That the Debenture Committee pass and declare as a by-law Bill 1183 prepared for the October 18, 2010 meeting of the Debenture Committee.

 

Bill No.

By-law No.

Title and Authority

1183

1189-2010

To authorize the borrowing upon issuance of an instalment debentures in the principal amount of $2,000,000.00 to the Federation of Canadian Municipalities.

 

Debenture Committee Item 8.1, as adopted by the Debenture Committee on October 18, 2010 under the delegated authority of Section 30-5 of Chapter 30, Debenture Committee, of the City of Toronto Municipal Code.

 


Motion to Introduce and Pass Confirmatory Bill moved by Cam Weldon (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 October 18, 2010.

 

Bill No.

By-law No.

Title and Authority

1184

1190-2010

To confirm the proceedings of the Debenture Committee at its meeting held on the 18th day of October, 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 Joseph Pennachetti (Carried)

That the Minutes of the Debenture Committee from Meeting 7 held on August 19, 2010, be confirmed.
Monday, October 18, 2010
Mayor David Miller, Chair, Debenture Committee
Meeting Sessions
Session Date Session Type Start Time End Time Public or Closed Session
2010-10-18 Afternoon 3:00 PM 3:05 PM Public
Attendance
Members were present for some or all of the time period indicated.
Date and Time Quorum Members
2010-10-18
3:00 PM - 3:05 PM
(Public Session) 		Present Present: Carroll, Miller (Chair), Pennachetti, Weldon