The Debenture Committee adopted the following:

1.         The Debenture Committee approved the issue of a fifteen year amortizing debenture in aggregate principal amount of $42,256,242 to CMHC under the Municipal Infrastructure Lending Program, in accordance with the terms and conditions set out in the Commitment Letters and the Loan Agreement entered into by the Mayor and Deputy City Manager and Chief Financial Officer, and in accordance with the report (June 21, 2010) from the Deputy City Manager and Chief Financial Officer.

2.         The Debenture Committee granted authority for the introduction of the necessary bills to the Debenture Committee to authorize the issue of the debenture described in Recommendation 1 above.

3.         The Debenture Committee authorized the appropriate City officials to take the necessary actions to give effect thereto.

This report requests authority to issue a debenture for $42,256,242 to the Canada Mortgage and Housing Corporation (CMHC) to finance eligible project costs within the City’s 2009 and 2010 Capital Budget through CMHC’s Municipal Infrastructure Lending Program.

This amount is within the Council approved $700 million debt issuance limit for 2010.  If approved, the City will have issued $500 million under this authority so far in 2010.