Corporate Services Committee

Report

8th Special Meeting of the Corporate Services Committee

Monday, April 22, 2024 at 1:00 P.m. - 2:00 P.m.

Council Chambers - Please check the City website for additional meeting detail information. Meetings can be viewed via live-streaming on YouTube and the City Website.

The City of London is situated on the traditional lands of the Anishinaabek (AUh-nish-in-ah-bek), Haudenosaunee (Ho-den-no-show-nee), Lūnaapéewak (Len-ah-pay-wuk) and Attawandaron (Add-a-won-da-run).

We honour and respect the history, languages and culture of the diverse Indigenous people who call this territory home. The City of London is currently home to many First Nations, Métis and Inuit today.

As representatives of the people of the City of London, we are grateful to have the opportunity to work and live in this territory.

PRESENT:

• P. Cuddy, 
• S. Stevenson, 
• C. Rahman, 
• and P. Van Meerbergen 

ABSENT:

• Councillors H. McAlister (Chair) 

ALSO PRESENT:

• Also present: A. Barbon, K. Murray, J. Paradis, T. Pollitt, E.Skalski, J. Taylor.

  Remote attendance: S. Corman, M. Galczynski, E. Hunt. 

  The meeting is called to order at 1:00 PM; it being noted that Councillors S. Stevenson, C. Rahman, and P. Van Meerbergen were in remote attendance.

   

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1.

Disclosures of Pecuniary Interest

That it BE NOTED that no pecuniary interests were disclosed.

2.

Consent

None.

3.

Scheduled Items

None.

4.

Items for Direction

None.

4.1

2024 Debenture Issuance Update

• Moved by: S. Stevenson
  Seconded by: C. Rahman

  That, on the recommendation of the Deputy City Manager, Finance Supports, the following actions be taken:
  
  a)    the issuance of serial debentures for a total of $30,000,000 BE APPROVED, noting the average all-in rate is 4.427% over a 10-year term and that all debt has been placed with investors in the capital markets; and,

  b)    the proposed by-law as appended to the staff report dated April 22, 2024 as Appendix "A" BE INTRODUCED at the Municipal Council meeting on April 23, 2024 to execute the borrowing upon serial debentures in the aggregate principal amount of $30,000,000 towards the cost of certain capital works of the Corporation of the City of London.

  
  

  Yeas: (4)	P. Van Meerbergen, P. Cuddy, S. Stevenson, and C. Rahman
  Absent: (1)	H. McAlister

  
  
  
  Motion Passed (4 to 0)

5.

Deferred Matters/Additional Business

None.

6.

Confidential

None.

7.

Adjournment

• Moved by: S. Stevenson
  Seconded by: P. Van Meerbergen

  That the meeting BE ADJOURNED.

  
  
  
  
  Motion Passed

  The meeting adjourned at 1:05 PM.