Coventry Street Lighting PFI Debt Re-Financing
Report of the Deputy Chief Executive (Place)
(Listing Officer: M. Rennie, Tel: 024 7683 3276)
Minutes:
Further to Minute 22 above, the Cabinet considered a private report of the Deputy Chief Executive (Place), setting out the commercially confidential matters relating to refinancing the Council’s Street Lighting PFI Contract to deliver lower costs than under the existing contract.
RESOLVED that the Cabinet:
1) Approves in principle the proposals for re-financing the City Council’s Street Lighting Private Finance Initiative debt, in line with the financial proposals set out in the report.
2) Delegates authority to the Director of Finance and Corporate Services, following consultation with the Cabinet Member for Strategic Finance and Resources, to:
a) Agree the final proposal for re-financing on the basis that a financial benefit is provided to the Council over the term of the PFI contract and subject to the Director of Finance and Corporate Services seeking such legal and financial advice as he deems necessary.
b) Negotiate, agree and enter into any and all documents; issue any notices or certificates; and/or take any decisions; that the Director of Finance and Corporate Services deems necessary to document; and implement the agreed proposal for re-financing.