|
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:
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:
“CARRIED”
Adjournment
John
Kennedy
City
Clerk
Councillor
Beamer
Chair