Decision details

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.