Minutes:
RESOLVED:-
(i) that the terms for refinancing the Phase 2 PFI Project Agreement in respect of the Building Schools for the Future Programme, as outlined in paragraph 3.3 of the report now submitted, be noted and approved;
(ii) that the Change in Law terms as outlined at paragraphs 3.7 – 3.16 of the report submitted be noted and approved;
(iii) that the Directors of Finance, Assets and Information Services and Legal and Governance, or their authorised representatives, be authorised to finalise the Project Documents and any ancillary documents to ensure that financial close on the refinancing and the amendment to the Change in Law risk be reached on behalf of the Council;
(iv) that the Director of Legal and Governance or his representative be authorised to execute the Project Documents and any ancillary documents to which the Council is a party for the purposes set out at (iii) above;
(v) that Cabinet receive further updates on the refinancing/amendment to the Change in Law risk, where necessary; and
(vi) that Cabinet receive reports on the Phase 1 PFI project agreement and Phase 3 PFI project agreement refinancings in due course.
(Note:
(a) In accordance with Part 2, Paragraph 5(6) of the Local Authorities (Executive Arrangements) (Meetings and Access to Information) (England) Regulations 2012, the Chair of the Overview and Scrutiny Committee had given approval for the above item to be considered at a private meeting of Cabinet where it had not been possible to give 28 days’ notice; and
(b) In accordance with the Call-in procedures set out in the Council’s Constitution the Chair of the Overview and Scrutiny Committee had been consulted and given his agreement to the request to waive the Call-in provision in respect of this matter on urgency grounds).