Item - 2019.DB3.1

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 to the report (November 8, 2019) from the Chief Financial Officer and Treasurer through the issuance of a 30-year sinking fund debenture in the amount of $350 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 November 7, 2019 (the "Purchase Letter"), and as further described in the report  (November 8, 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.

This report requests that the Debenture Committee approve the issuance of a 30-year sinking fund debenture in the amount of $350 million, and enact the necessary borrowing by-law to give effect to the this debenture issuance. The debenture was syndicated and sold in the domestic and global capital markets on November 7, 2019 and will be delivered to investors on November 22, 2019.     

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