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Recommendation: That, on the
recommendation of the Managing Director, Corporate Services and City
Treasurer, Chief Financial Officer, the following actions be taken with respect
to the 2012 debenture issue:
a) the
issue of a ten-year serial debenture for $70,000,000 BE APPROVED,
noting the average all in rate is 2.817%; and
b) the
attached proposed by-law D.-767-265 BE INTRODUCED at the
Municipal Council meeting of September 18, 2012, for three readings to
authorize the borrowing upon serial debentures for a ten-year term for
$70,000,000 towards the cost of certain capital works of The Corporation of
the City of London
it being noted that
the Finance and Administrative Services Committee heard verbal delegations
from the Managing Director, Corporate Services and City Treasurer, Chief
Financial Officer; the Manager III, Financial Planning and Policy; Sunil
Bhutani, Managing Director, Debt Capital Markets, CIBC World Markets Inc.;
and Steven Hashimoto, Executive Director, Debt Capital Markets, CIBC World
Markets Inc.
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