Item - 2023.DB5.1

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 (November 17, 2023) from the Controller through the issuance of a 20-year sinking fund social debenture in the amount of $215 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 Deputy Treasurer dated November 16, 2023 (the "Purchase Letter"), and as further described in the report (November 17, 2023) from the Controller.

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 $215 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 November 16, 2023, and will be delivered to investors on December 4, 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.