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.
DB4.1adopted
Authority to Issue a Debenture
This report requests that the Debenture Committee approve the issuance of a 20-year sinking fund green 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 September 15, 2023 and will be delivered to investors on October 3, 2023. All costs related to this debenture issue are budgeted for in the 2023 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 (September 18, 2023) from the Controller through the issuance of a 20-year sinking fund green 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, RBC Dominion Securities Inc. and entered into by the Mayor and the Deputy Treasurer dated September 15, 2023 (the "Purchase Letter"), and as further described in this report. 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.
Staff recommendation as filed
The Controller, in his capacity as Deputy 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 20-year sinking fund green 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, RBC Dominion Securities Inc. and entered into by the Mayor and the Deputy Treasurer dated September 15, 2023 (the "Purchase Letter"), and as further described in this report. 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.
DB4.2adopted
The Debenture Committee will introduce a general Bill and a confirming Bill.
The Debenture Committee passed By-laws 882-2023 and 883-2023.