Item - 2021.DB12.1

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 (September 15, 2021) from the Chief Financial Officer and Treasurer through the issuance of a 10-year sinking fund social 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, BMO Capital Markets, and entered into by the Mayor and the Chief Financial Officer and Treasurer dated September 13, 2021 (the "Purchase Letter"), and as further described in the report (September 15, 2021) 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 10-year sinking fund social 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 13, 2021 and will be delivered to investors on September 28, 2021.

The transaction is a reopening of a social debenture originally issued in June 2021.  This additional issue now brings the total outstanding to $200 million with a coupon interest rate of 1.60% and a maturity date of December 2, 2030.

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