2009-10-05_Minutes--Procès-verbal94-701
COMMON COUNCIL/CONSEIL COMMUNAL
OCTOBER 5, 2009/1-E 5 OCTOBRE 2009
COMMON COUNCIL MEETING - THE CITY OF SAINT JOHN
CITY HALL - October 5, 2009 - 5:00 P.M.
Present:
Ivan Court, Mayor
Deputy Mayor Chase and Councillors Court, Farren, Killen,
Higgins, McGuire, Mott, Snook, Sullivan, and Titus
- and -
P. Woods, Acting City Manager; J. Nugent, City Solicitor; G.
Yeomans, Commissioner of Finance and Treasurer; A. Beckett,
Deputy City Manager of Programs and Priorities; E. Gormley,
Common Clerk and J. Taylor, Assistant Common Clerk.
1. Call To Order
Mayor Court called the meeting to order.
1.0 Commissioner of Finance: Debenture Issue
On motion of Councillor Titus
Seconded by Councillor McGuire
RESOLVED:
Whereas occasion having arisen in the public interest for the following public civic works
and needed civic improvements, that is to say:
GENERALFUND
General Government
$
500,000
Protective Services
$
1,500,000
Transportation Services
$
3,100,000
Economic Development
$
1,500,000
Parks and Recreation
$
1,900,000
$ 8,500,000
WATER & SEWERAGE UTILITY
Water System $ 3,500,000
Sewer System $ 1,500,000
$ 5,000,000
SAINT JOHN TRANSIT $ 5,000,000
TOTAL $18,500,000
1) Therefore be it resolved that debentures be issued under provisions of the Acts of
Assembly 52, Victoria, Chapter 27, Section 29 and amendments thereto to the amount
of $18,500,000.
2) Commissioner of Finance be authorized to issue and to sell the New Brunswick
Municipal Finance Corporation (the "Corporation") a City of Saint John bond or
94-702
COMMON COUNCIL/CONSEIL COMMUNAL
OCTOBER 5, 2009/LE 5 OCTOBRE 2009
debenture in the principal amount of $18,500,000 at such terms and conditions as are
recommended by the Corporation.
3) And further that the City of Saint John agrees to issue post-dated cheques to the
Corporation, or other such arrangements as the Corporation may from time to time
accept, in payment of principal and interest charges on the above bond or debenture as
and when they are required by the Corporation.
4) And further that the Commissioner of Finance be hereby authorized to receive an
offer in connection with the foregoing debenture at a price not less than $98 per $100 of
debenture, at interest rates not to exceed an average of 6.50% and at a term not to
exceed 15 years for the issue related to the General Fund and Transit and not to exceed
20 years for the Water & Sewerage Utility.
5) And further that the Commissioner of Finance report to Common council the exact
values for price per $100 of debenture, interest rate and term in years, together with the
date of the issue.
voting nay.
Question being taken, the motion was carried with Councillor Higgins
2. Adjournment
The Mayor declared the meeting adjourned at 5:10 p.m.
Mayor/maire
Common Clerk/greffiere communale