Item - 2020.DB6.2
Tracking Status
- This item was considered by Debenture Committee on June 26, 2020 and was adopted without amendment.
- See also By-law 450-2020
DB6.2 - Authority to Issue a Debenture to the Canada Mortgage and Housing Corporation for the Modular Homes Project
- Decision Type:
- ACTION
- Status:
- Adopted
- Wards:
- All
Committee Decision
The Debenture Committee adopted the following:
1. The Debenture Committee approve the issuance of a 20 year sinking fund debenture in the principal amount of $6,250,000 to the Canadian Mortgage and Housing Corporation (the "Debenture") in accordance with the terms and conditions set out in the Loan Agreement entered into by the Mayor, the Chief Financial Officer and Treasurer, and the Executive Director, Housing Secretariat, dated June 12, 2020, for the purpose of financing of capital expenditures in connection with the Modular Homes Project.
2. The Debenture Committee authorize the introduction of the necessary Bills to the Debenture Committee to authorize the issuance of the Debenture.
3. The Debenture Committee authorize the appropriate City of Toronto officials to take the necessary actions to give effect to the Committee's decision.
Origin
Summary
This report requests authority to issue a sinking fund debenture for $6,250,000 to the Canadian Mortgage and Housing Corporation (CMHC) to finance capital expenditures in connection with the Modular Homes Project.
Background Information
https://www.toronto.ca/legdocs/mmis/2020/db/bgrd/backgroundfile-148043.pdf