Decision details

Matter for Decision

To seek approval for the council to enter into legal agreements with the UK Municipal Bonds Agency (the “agency” or “UKMBA”) to enable the council to borrow from the UKMBA in the future, should it wish to do so.

Decisions of Executive Councillor for Finance and Resources

i)  Approved the council’s entry into the UK Municipal Bonds Agency’s framework agreement and its accompanying schedules including the joint and proportional guarantee;

ii)  Delegated authority to the Head of Finance as Section 151 Officer and the Head of 3C Shared Legal Practice as Monitoring Officer to sign those documents, as appropriate, on behalf of the council;

iii)  Granted the Section 151 Officer delegated authority to agree amendments to the framework agreement as appropriate.

Noted:

iv)  the framework agreement and its schedules, including the joint and proportional guarantee, as set out in Appendix 2;

v)  consideration of the council’s financial position and financial standing in section 5;

vi)  signing the framework agreement does not make the Council subject to the joint and proportional guarantee or other provisions of the framework agreement until such time it borrows from the agency; and

vii)  the assessment of the advantages and disadvantages of entering into the framework agreement in section 6.

Reason for the Decision

As set out in the Officer’s report.

Any Alternative Options Considered and Rejected

Not applicable.

Scrutiny Considerations

The Committee received a report from the Head of Finance.

The Committee unanimously resolved to endorse the recommendations.

The Executive Councillor approved the recommendations.

Conflicts of Interest Declared by the Executive Councillor (and any Dispensations Granted)

No conflicts of interest were declared by the Executive Councillor.