Debenture Committee
The full agenda, as filed
All 2 items in the clerk’s order. Each carries the city’s own words: the staff recommendation, what the body decided, and its status. Nothing below is written by us.
DB10.1adopted
Authority to Issue a Debenture
This report requests that the Debenture Committee approve the issuance of a 30-year sinking fund conventional debenture in the amount of $450 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 February 20, 2025, and will be delivered to investors on March 11, 2025. All costs related to this debenture issue are budgeted for in the 2025 Tax-Supported Operating Budget. Details of the projects that are financed from the proceeds of this debenture are contained in Attachment 1 of this report.
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 (February 24, 2025) from the Chief Financial Officer and Treasurer through the issuance of a 30-year sinking fund debenture in the amount of $450 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 February 20, 2025 (the "Purchase Letter"), and as further described in the report (February 24, 2025) from the Chief Financial Officer and Treasurer. 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.
Staff recommendation as filed
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 30-year sinking fund debenture in the amount of $450 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 February 20, 2025 (the "Purchase Letter"), and as further described in this report. 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.
DB10.2adopted
The Debenture Committee will introduce a general Bill and a confirming Bill.
The Debenture Committee passed By-laws 140-2025 and 141-2025, subject to Section 226.9 of the City of Toronto Act, 2006.