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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 2013
debenture issue update:
a) the
issue of a ten-year serial debenture for $50,000,000 BE APPROVED, noting the
average all-in-rate is 3.299%; and
b) the
proposed by-law D.-768-283 appended to the staff report dated August 26, 2013
BE INTRODUCED at the Municipal Council meeting of August 27, 2013, for three
readings to authorize the borrowing upon serial debentures for a ten-year
term for $50,000,000 towards the cost of certain capital works of The
Corporation of the City of London;
it being noted that the Corporate Services
Committee received a verbal overview from J. Senese, Manager III, Financial
and the attached presentation from Les Peterdy, CFA, Director,
Government Finance, TD Securities, with respect to this matter.
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