Item - 2023.DB2.1

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 (April 19, 2023) from the Chief Financial Officer and Treasurer through the issuance of a 30-year sinking fund debenture in the amount of $350 million in accordance with the terms and conditions set out in the purchase letter provided by the lead manager, National Bank Financial Inc. and entered into by the Deputy Mayor and the Chief Financial Officer and Treasurer dated April 18, 2023 (the "Purchase Letter"), and as further described in the report (April 19, 2023) 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 30-year sinking fund conventional debenture in the amount of $350 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 April 18, 2023 and will be delivered to investors on May 3, 2023.

All costs related to this debenture issue are budgeted for in the 2023 Tax-Supported Operating Budget.

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