October 13, 2011Debt Issuance Committee(DEBT) Minutes
Page Content:

1. Declarations of Conflicts of Interest
3. Approval of Agenda
3. Reports
  a) Terms of Debt Issue (Oral)
4. By-laws
5. Other Business
6. Confirming By-law
7. Adjournment

THE REGIONAL MUNICIPALITY OF PEEL
DEBT ISSUANCE COMMITTEE

The Debt Issuance Committee met on Monday, October 13, 2011, at 9:12 a.m. in the Council Chamber, Regional Administrative Headquarters, Suite A, 10 Peel Centre Drive, Brampton.

   
 
Members Present:
E. Kolb, Regional Chair; D. Szwarc, Chief Administrative Officer; R. Whitehead, Regional Council, Chair of Management Section; N. Trim, Chief Financial Officer and Commissioner of Corporate Services
   
 
Members Absent:
Nil
   
 
Also Present:
D. Bingham, Treasurer and Director, Corporate Finance; P. Pohl, Senior Treasury and Portfolio Manager; P. O’Connor, Regional Solicitor and Director, Legal and Risk Management; R. Maciver, Legal Counsel; C. Reid, Regional Clerk; H. West, Committee Clerk

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* See text for arrivals
¨See text for departures

Chaired by Regional Chair Kolb.


1. DECLARATIONS OF CONFLICTS OF INTEREST - Nil


2. APPROVAL OF AGENDA

Moved by N. Trim;
Seconded by R. Whitehead;

That the agenda for the October 13, 2011, Debt Issuance Committee meeting, be approved.

Carried 2011-981


3. REPORTS

a) Terms of Two $2 Million Debt Issues for the Federation of Canadian Municipalities’ Green Municipal Fund Program (Oral)
      Presentation by David Bingham, Treasurer and Director of Corporate Finance

Received 2011-982

See also Resolution 2011-983

David Bingham stated there are two loans being obtained through the Federation of Canadian Municipalities (FCM) Green Fund program in the amount of $2 million dollars for each of the following projects: 1) Chapelview Housing Development; 2) Lakeview Administration and Maintenance Building. The debenture issue will have an interest rate of two per cent.

David Bingham noted that there is a FCM grant program which the Regional Municipality of Peel may qualify for in the amount of $300,000. David Szwarc, Chief Administrative Officer announced that if the Region qualifies for the grant, this will offset 75 per cent of the interest charged over the twenty year term of the loan.


4. BY-LAWS


Three Readings:

By-law 174-2011: To authorize the borrowing upon amortizing debentures in the principal amount of $2 million for a purpose of The Regional Municipality of Peel.

By-law 175-2011: To authorize the borrowing upon amortizing debentures in the principal amount of $2 million for a purpose of The Regional Municipality of Peel.

Moved by R. Whitehead,
Seconded by N. Trim;

That the by-laws listed on the Debt Issuance Committee agenda, being By-laws 174-2011 and 175-2011, be given the required number of readings, taken as read, signed by the Regional Chair and the Regional Clerk, and the Corporate Seal be affixed thereto.

Carried 2011-983

See also Resolution 2011-982


5. OTHER BUSINESS - Nil


6. CONFIRMING BY-LAW

Moved by N. Trim
Seconded by R. Whitehead;

That By-law 176-2011 to confirm the proceedings of the Debt Issuance Committee at its meeting held on October 13, 2011, and to authorize the execution of documents in accordance with the Region's by-laws relating thereto, be given the required number of readings, taken as read, signed by the Regional Chair and the Regional Clerk and the Corporate Seal affixed thereto.

Carried 2011-984


7. ADJOURNMENT

The meeting adjourned at 9:16 a.m.

 

 

C. Reid
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Regional Clerk

E. Kolb
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Regional Chair