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