The filed record
Authority to Issue a Debenture
The Public Gallery wrote no story on this item. What follows is the city’s own record of what happened to it, as filed: nothing on this page is summarised or scored by us.
The decision
2019-12-11 · Debenture Committee · adopted
As filed
The Debenture Committee adopted the following: 1. The Debenture Committee approve the provision of long-term financing of the capital projects listed in Attachment A to the report (December 2, 2019) from the Chief Financial Officer and Treasurer through the issuance of a 10-year sinking fund debenture in the amount of $100 million in accordance with the terms and conditions set out in the purchase letter provided by the lead manager, BMO Capital Markets and entered into by the Mayor and the Chief Financial Officer and Treasurer dated December 2, 2019 (the "Purchase Letter"), and as further described in the report (December 2, 2019) from the Chief Financial Officer and Treasurer.
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2. The Debenture Committee authorize the introduction of the necessary Bill to the Debenture Committee to authorize the issuance of debentures. 3. The Debenture Committee authorize the appropriate City of Toronto Officials to take the necessary actions to give effect to the Committee's decision.
On the agenda
As the city filed it
This report requests that the Debenture Committee approve the issuance of a 10-year sinking fund debenture in the amount of $100 million and enact the necessary borrowing by-law to give effect to this debenture issuance. The debenture was syndicated and sold in the domestic and global capital markets on December 2, 2019 and will be delivered to investors on December 16, 2019. The transaction is a reopening of a debenture issued earlier this year that totalled $300 million, bringing the total outstanding to $400 million with a coupon interest rate of 2.65% and a maturity date of November 9, 2029.
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Details of the projects that are financed from the proceeds of this debenture are contained in Attachment A of this report.
Staff recommended
The Chief Financial Officer and Treasurer recommends that: 1. The Debenture Committee approve the provision of long-term financing of the capital projects listed in Attachment A through the issuance of a 10-year sinking fund debenture in the amount of $100 million in accordance with the terms and conditions set out in the purchase letter provided by the lead manager, BMO Capital Markets and entered into by the Mayor and the Chief Financial Officer and Treasurer dated December 2, 2019 (the "Purchase Letter"), and as further described in this report.
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2. Authority be granted for the introduction of the necessary Bill to the Debenture Committee to authorize the issuance of debentures. 3. The Debenture Committee authorize the appropriate City of Toronto officials to take the necessary actions to give effect thereto.