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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 2016 debenture issue:
a) the
issue of instalment debentures for a total of $27,000,000 BE APPROVED; it
being noted that the average all-in-rate is 2.30% over a 10-year term; and
b) the
proposed by-law appended to the staff report dated February 29, 2016 BE INTRODUCED
at the Municipal Council meeting of March 1, 2016, for three readings, to
authorize the borrowing upon instalment debentures in the aggregate principal
amount of $27,000,000 towards the cost of certain capital works of the
Corporation of the City of London;
it being noted that the Corporate Services
Committee heard a verbal delegation from Les Peterdy, Director, Government
Finance, TD Securities regarding the debenture issuance and general market
conditions and forecasts.
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