Item - 2023.CC1.3

City Council on November 23 and 24, 2022, adopted the following:

1. City Council authorize the Mayor (or as an alternate to the Mayor, the Chair of the Budget Committee or the Deputy Mayor) and the Chief Financial Officer and Treasurer, during each of the years of the 2022 to 2026 Council term, including the remainder of 2022, to:

a. enter into agreements for the sale, or the issuance and sale, of debentures, and revenue bonds and for entering into bank loan agreements and conditional loan agreements with the Canada Infrastructure Bank, upon such terms and conditions, including price, as they deem expedient, for the purposes of borrowing money to obtain or provide long-term financing of any capital work, in an annual amount not to exceed $2.0 billion per year provided that such debt issue is in compliance with the Council approved debt guidelines as amended from time to time;

b. enter into any additional agreements necessary to provide for the management of interest rate risk, the management of currency risk or to minimize the costs or risks due to fluctuations in interest rates, all associated with the debentures, revenue bonds, or bank loan agreements upon terms satisfactory to them; and

c. reopen an existing debenture issue if it is determined that the reopening will be advantageous to the City, depending upon capital market conditions.

2. City Council authorize the Chief Financial Officer and Treasurer, during each of the years of the 2022 to 2026 Council term, to:

a. temporarily borrow amounts that the City considers necessary to meet expenses of the City for the year and of prescribed amounts, whether or not they are expenses for the year, that the City requires in the year as set out in the applicable regulation under the City of Toronto Act, 2006 until such time as the taxes are collected and other revenues are received, provided the total amount so borrowed plus the principal amount of any outstanding temporary borrowings together with all accrued interest thereon at any time will not exceed $500 million per year, or;

b. temporarily borrow for capital works pending the issuance of debentures or entering into bank loans, in an amount not to exceed $500 million per year.

3. City Council amend Municipal Code Chapter 30, Debenture and other Borrowing, to reflect Parts 1 and 2 above, and authorize the the introduction of the necessary Bills in Council to give effect to Council's decision.

4. City Council amend the Financing of Capital Works Policy and Goals to reflect Parts 1 and 2 above.