2009-10-05_Agenda Packet--Dossier de l'ordre du jourCity of Saint John
Common Council Meeting
Monday, October 05, 2009
Regular Meeting
1. Call to Order
5:00 p.m. 8th Floor Boardroom City Hall
Commissioner of Finance: 2009 Debenture Issue
Committee of the Whole
5:05 p.m. 8th Floor Boardroom City Hall
1.1 Property Matter 10.2(4)(c,d)
1.2 Financial Matter 10.2(4)(c)
13 Budget Guidelines and Service Delivery Goals 10.2(4)(b,c,j)
The City of Saint John
OPEN SESSION
M & C 2009 - 328
October 1, 2009
His Worship Mayor Ivan Court
And Members of Common Council
Your Worship and Councillors:
SUBJECT: 2009 [DEBENTURE ISSUE
BACKGROUND:
The New Brunswick Municipal Finance Corporation is planning a bond issue in
the near future. While the issue will not be sold until the Corporation feels that
rates are reasonable, they have provided ranges within which the issue could be
sold. These are as follows:
Interest Rate: Not to exceed an average of 6.50%
Price, Net: Not to be less than $98.00 per $100.00 of debenture
Term: Serial form to mature in equal annual amounts over a
term not to exceed 15 years for the General Fund and
Transit and 20 years for the Water & Sewerage Utility.
Notice of motion was given at the August 31, 2009 meeting of Common Council
regarding the need to borrow $18,500,000. In order to proceed with the
debenture financing it is now recommended that the following be adopted.
SAINT JOHN P.O. Box 1971 Saint John, NB Canada E2L 4L1 I www.saintjohn.ca C.R 1971 Saint John, N.-B. Canada E2L 41-1
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RECOMMENDATION:
Whereas occasion having arisen in the public interest for the following public
civic works and needed civic improvements, that is to say:
GENERAL FUND
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
WATER & SEWERAGE UTILITY
Water System $ 3,500,000
Sewer System $ 1.500.000
SAINT JOHN TRANSIT
TOTAL
$ 8,500,000
$ 5,000,000
$ 5,000,000
1$ 18,500,0001
1. Therefore 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.
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2. Commissioner of Finance be authorized to issue and to sell to the New
Brunswick Municipal Finance Corporation (the "Corporation") a City of
Saint John bond or 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 debentures 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.
Respectfully submitted,
Gregory J. eeomans, CGA, MBA
Commissioner of Finance
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The City of Saint John
October 2, 2009
Common Council of the City of Saint John
His Worship Mayor Ivan Court and Members of Common Council,
Subject: Committee of the Whole Closed Session
The Common Council meeting of October 5th, 2009 contains the following items on the
agenda: 1.1 Property Matter 10.2(4)(c,d); 1.2 Financial Matter 10.2(4)(c); 1.3 Budget Guidelines
and Service Delivery Goals 10.2(4)(b,c,j)
Section 10.2(4) of the Municipalities Act states. "if it is necessary at a meeting of council, or committee of
council, to discuss any of the following matters, the public may be excluded from the meeting for the
duration of the discussion":
(b) "Personal Information"
(c) "information that could cause financial loss or gain to a person or the municipality or could jeopardize
negotiations leading to an agreement or contract"
(d) "the proposed or pending acquisition or disposition of land for a municipal purpose
(f): "information concerning legal opinions or .advice provided to the municipality by a municipal solicitor,
or privileged communications as between solicitor and client in a matter of municipal business".
"labour and employment matters, including the negotiating of collective agreements°.
Respectfully Submitted,
Jonathan Taylor,
Assistant Common Clerk
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SAINT JOHN P.O. Box 1971 Saint John, NB Canada E2i_ 41-11 ~ wwrw.saintjohn.ca I C.!? 1971 Saint John, N.-B. Canada E21- 40
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