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
2024-07-23 · 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 1 to the report (July 11, 2024) from the Chief Financial Officer and Treasurer through the issuance of a 10-year sinking fund debenture in the amount of $300 million in accordance with the terms and conditions set out in the purchase letter provided by the lead manager, National Bank Financial Inc., and entered into by the Mayor and the Chief Financial Officer and Treasurer dated July 10, 2024 (the "Purchase Letter"), and as further described in the report (July 11, 2024) from the Chief Financial Officer and Treasurer.
Show the rest of As filed, 269 more characters as filed
2. The Debenture Committee authorize the introduction of the necessary Bill 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 conventional debenture in the amount of $300 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 July 10, 2024, and will be delivered to investors on July 29, 2024. All costs related to this debenture issue are budgeted for in the 2024 Tax-Supported Operating Budget.
Show the rest of As the city filed it, 123 more characters as filed
Details of the projects that are financed from the proceeds of this debenture are contained in Attachment 1 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 1 through the issuance of a 10-year sinking fund debenture in the amount of $300 million in accordance with the terms and conditions set out in the purchase letter provided by the lead manager, National Bank Financial Inc., and entered into by the Mayor and the Chief Financial Officer and Treasurer dated July 10, 2024 (the "Purchase Letter"), and as further described in this report.
Show the rest of Staff recommended, 249 more characters as filed
2. The Debenture Committee authorize the introduction of the necessary Bill 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.