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
2024-11-27 · 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 (November 18, 2024) from the Chief Financial Officer and Treasurer through the issuance of a 10-year sinking fund debenture in the amount of $200 million in accordance with the terms and conditions set out in the purchase letter provided by the lead manager BMO Nesbitt Burns Inc., and entered into by the Mayor and the Chief Financial Officer and Treasurer dated November 14, 2024 (the "Purchase Letter"), and as further described in the report (November 18, 2024) from the Chief Financial Officer and Treasurer.
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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 Debenture 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 social debenture in the amount of $200 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 November 14, 2024, and will be delivered to investors on December 2, 2024. All costs related to this debenture issue are budgeted for in the 2024 Tax-Supported Operating Budget.
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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 $200 million in accordance with the terms and conditions set out in the purchase letter provided by the lead manager BMO Nesbitt Burns Inc., and entered into by the Mayor and the Chief Financial Officer and Treasurer dated November 14, 2024 (the "Purchase Letter"), and as further described in this report.
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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.