Decision details

Building Schools for the Future - Refinancing Proposal & Change in Law (Cab.13.12.2017/10)

Decision status: Recommendations Approved

Is Key decision?: No

Is subject to call in?: Yes

Decisions:

The Core Services Spokesperson noted that the report stated that written confirmation from the Education Funding Agency (EFA) had not yet been received regarding the refinancing proposal. However, he informed the meeting that the EFA did not typically provide written confirmation of such agreements and therefore it was not intended to await such confirmation before implementing the proposals set out in the report.

 

RESOLVED:-

 

(i)        that the terms for refinancing the Phase 1 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 these proposals be agreed in the absence of written confirmation from EFA of the matter outlined in paragraph  3.6.

 

(iv)      that the Executive Director of Core Services and Solicitor to the Council and the Service Director Finance, 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;

 

(v)       that the Executive Director of Core Services and Solicitor to the Council 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 (iv) above;

 

(vi)      that Cabinet receive further updates on the refinancing/amendment to the Change in Law risk, where necessary; and

 

(vii)    that Cabinet receive reports on the Phase 3 PFI project agreement refinancings in due course.

 

(Note: 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)

Publication date: 02/01/2018

Date of decision: 13/12/2017

Decided at meeting: 13/12/2017 - Cabinet

Effective from: 20/12/2017

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