Decision details

RESOLVED:

       i.          That Cabinet agreed to provide a loan facility of up to £50m to United Colleges on the general terms set out throughout the report.

      ii.          That Cabinet agreed that the loan shall only be provided subject to the conditions set out in the report being discharged.

    iii.          That Cabinet delegated authority to the Chief Executive, in consultation with the Deputy Leader, to determine whether the conditions set out in the report have been discharged.

    iv.          That Cabinet delegated authority to the Director of Finance, in consultation with the Deputy Leader, to set the interest rate and other terms of the loan.

     v.          That Cabinet delegated authority to the Director of Finance, in consultation with the Deputy Leader, to conclude and execute the loan transaction or transactions referred to above, whether acting independently or with other lenders, including to make such minor adjustments to the precise terms as prove necessary.

    vi.          That Cabinet noted and carefully considered the potential benefits of the scheme alongside the inherent risks and how these risks are proposed to be mitigated.