Special Committee of the Whole Minutes City of Peterborough September 11, 2017

 

Minutes of the Special Committee of the Whole Meeting held on September 11, 2017, in the Council Chambers, City Hall.

 

The meeting of Committee of the Whole was called to order at 6:15 p.m. in the Council Chambers, City Hall.

 

Roll Call:

Councillor Baldwin

Councillor Beamer, Chair

Councillor Clarke

Councillor Haacke 

Councillor McWilliams

Councillor Pappas

Councillor Parnell

Councillor Riel

Councillor Therrien

Councillor Vassiliadis

Mayor Bennett

 

 

Disclosure of Pecuniary Interest

 

There were no disclosures of Interest.

 

 

Chief Administrative Officer

Report CAO17-009               

Peterborough Solar Projects Corporation Financing

 

Moved by Councillor Pappas

 

That Council approve the recommendations outlined in Report CAO17-009 dated September 11, 2017, of the Chief Administrative Officer, as follows:

a)            That the City of Peterborough pledge to The Canada Life Assurance Company as Agent for the Lenders in the Credit Agreement with Peterborough Utilities Inc.(PUI), the City’s non-voting shares in Peterborough Solar Projects Corporation to provide PUI’s Lenders recourse only to those shares in the event of a default by PUI;

b)           That the Mayor and the City Clerk are authorized to execute the Securities Pledge Agreement and any other documents related to this Pledge and the Credit Agreement, as required;

c)            That the City’s Share Certificate in Peterborough Solar Projects Corporation be delivered to The Canada Life Assurance Company as Agent for the Lenders or their nominees.

 

“CARRIED”

 

 

Director of Corporate Services

Report CPFS17-050

2017 Debenture Issue

 

Moved by Mayor Bennett

 

That Council approve the recommendations outlined in Report CPFS17-050 dated September 11, 2017, of the Director of Corporate Services, as follows:

a)            That the Director of Corporate Services be authorized to prepare the necessary borrowing by-laws, for Council approval, to borrow funds up to a maximum of $16,478,200 to finance City capital projects, and for terms not to exceed the terms indicated on Appendix A, attached to Report CPFS17-050; and

b)           That the Treasurer be authorized to submit an application to Ontario Infrastructure and Lands Corporation to borrow these funds.

 

“CARRIED”

 

 

Adjournment

 

Moved by Councillor Pappas

 

That this meeting of Committee of the Whole adjourn at 6:16 p.m.

 

"CARRIED"

 

 

John Kennedy

City Clerk

 

 

Councillor Beamer

Chair