Item - 2022.DB17.1
DB17.1 - Authority to Issue a Debenture
- Decision Type:
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 (July 14, 2022) from the Chief Financial Officer and Treasurer through the issuance of a 20-year sinking fund social debenture in the amount of $235 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 July 11, 2022 (the "Purchase Letter"), and as further described in the report (July 14, 2022) 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 social debenture in the amount of $235 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 July 11, 2022 and will be delivered to investors on July 27, 2022.
Details of the projects that are financed from the proceeds of this debenture are contained in Attachment 1 of this report.