Decision details

Council Loans Framework for in-borough Capital Projects

Decision Maker: Cabinet

Decision status: Recommendations Approved

Is Key decision?: Yes

Is subject to call in?: Yes

Purpose:

A report seeking to approve the advance of loans to finance in-borough capital projects that deliver outcomes congruent with the Council’s aims.

Decision:

RESOLVED that:

 

9.1       The establishment of a framework for the provision of senior loans to:

 

·         Joint ventures to which the Council is party;

·         Council subsidiaries; and

·         Third party organisations in which the Council has no direct financial interest.

be approved, subject to conditions (the framework) outlined in the report;

9.2      Theadvance of loans to organisations as set out above, be delegated to the Chief Finance Officer in consultation with the Deputy Leader of the Council; 

9.3      The list of voluntary loan controls included with Appendix 1 of the report, be approved;

 

9.4      The daily monitoring and administration of loans be delegated to the Council’s Chief Finance Officer;

 

9.5      The authority to procure and award a contract for specialist advice on loans pool management, if required, be delegated to the Chief Finance Officer; and

9.6      A loan facility of up to £40m be made available to the South Kilburn (Queen’s Park 2) Council-proposed Joint Venture with LondonNewcastle.

 

Wards Affected: (All Wards);

Contact: Paul Gulley, Head of Finance Email: Paul.Gulley@brent.gov.uk Tel: 020 8937 1428.

Report author: Paul Gulley

Publication date: 16/01/2018

Date of decision: 15/01/2018

Decided at meeting: 15/01/2018 - Cabinet

Effective from: 23/01/2018

Accompanying Documents: