Regions to issue debentures for $17 million - $10 million will be for Burlington.

News 100 yellowBy Staff

Feb 25th, 2020

BURLINGTON, ON

 

There was an item in a recent Regional Council agenda.

It was the passing of a bylaw that would let finance staff negotiate a $17 million plus debenture which was to meet some of the financial needs of the four municipalities in the Region.

Of the $17,100,000 debenture $10 million of the proceeds goes to Burlington.

Bond approvalThe graphic was a bit of a stunner for Burlingtonians.

In the comments included in the report that went to Regional Council was the following:

Consistent with the current growth environment, measures of inflation are expected to remain around 2 percent. With interest rates presently at low levels and current market conditions favourable the Regional Chair and Commissioner of Finance and Regional Treasurer were authorized to engage the services of CIBC World Markets Inc., RBC Dominion Securities Inc., BMO Nesbit Burns Inc., and/or Scotia Capital Inc. as fiscal agents and enter into all agreements and ancillary documents necessary to secure the terms and issuance of a market debenture issue for all or part of the $17,100,000.

We learned as well that the Region has maintained its bond rating.  Regional Chair Carr takes great pride is telling people that the Region has a better bond rating than the American government.

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