Issue - meetings

Report of the Chief Financial Officer seeking approval for the Council to enter into the Municipal Bonds Agency’s Framework Agreement, attached.

The report of the Chief Financial Officer was submitted seeking approval for the Council to enter into the Municipal Bonds Agency’s Framework Agreement.

RESOLVED

(i)  that the Council’s entry into the UK Municipal Bonds Agency  Framework Agreement and its accompanying schedules including the joint and several guarantee be approved;

(ii)  that delegated authority be granted to the Chief Financial Officer as Section 151 Officer and the Monitoring Officer to enter into the Framework Agreement and accompanying schedules, as appropriate, on behalf of the Council;

(iii)  that it be noted that signing the Framework Agreement does not make the Council subject to the joint and several guarantee or provisions of the Framework Agreement until such time it borrows from the Agency;

(iv)  that the Section 151 Officer, after consultation with the Cabinet Member for Finance, be granted delegated authority to agree amendments to the Framework Agreement as appropriate;

(v)  that the document ‘Introduction to the UK Municipal Bonds Agency – A Guide for Local Authorities’ in Appendix 1 to the report be noted.