Item - 2020.DB9.1

The Debenture Committee adopted the following:

1. The Debenture Committee approve the provision of long-term financing of the capital projects listed in Attachment 1  to the report (December 4, 2020) from the Chief Financial Officer and Treasurer through the issuance of a 20-year sinking fund debenture in the amount of $130 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 Chief Financial Officer and Treasurer dated December 1, 2020 (the "Purchase Letter"), and as further described in the report (December 4, 2020) 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 20-year sinking fund Green debenture in the amount of $130 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 December 1, 2020 and will be delivered to investors on December 16, 2020.

The transaction is a reopening of a Green debenture originally issued in September 2019.  This additional issue now brings the total outstanding to $330 million with a coupon interest rate of 2.60% and a maturity date of September 24, 2039.  The transaction is the final issuance for 2020 and brings the total debt issuance to $986.25 million for the year.  

Details of the projects that are financed from the proceeds of this debenture are contained in Attachment 1 of this report.