Item - 2019.DB2.1

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 through the issuance of a 20-year sinking fund green 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, CIBC Capital Markets, Inc., and entered into by the Mayor and the Chief Financial Officer and Treasurer dated September 9, 2019 (the "Purchase Letter"), and as further described in the report (September 10, 2019) from the Chief Financial Officer and Treasurer.

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.

Joe Farag, Executive Director, Corporate Finance, Finance and Treasury Services gave an overview to the Debenture Committee on this Item.

This report requests that the necessary Bill be introduced and adopted by the Debenture Committee to give effect to the issuance of a 20-year sinking fund green debenture in the amount of $200 million. The debenture was syndicated and sold in the domestic and global capital markets on September 9, 2019 and will be delivered to investors on September 24, 2019.     

Details of the projects that are financed from the proceeds of this debenture are contained in Attachment A of this report.