Item - 2018.DB12.1

The Debenture Committee adopted the following:

1.  The Debenture Committee approve the provision of long-term financing of the capital projects listed in Attachment A through the issuance of a 30 year sinking fund Green debenture in the amount of $300 million in accordance with the terms and conditions set out in the purchase letter provided by the lead manager, RBC Capital Markets, Inc. dated July 18, 2018 (the "Purchase Letter"), and as further described in the report (July 19, 2018) from the Interim Chief Financial Officer.

2.  The Debenture Committee authorize the introduction of the necessary Bills to the Debenture Committee to authorize the issuance of debentures.

3.  The Debenture Committee authorize the appropriate City of Toronto officials to take the necessary actions to give effect to the Committee's decision.

This report requests that the necessary Bill be introduced and adopted by the Debenture Committee to give effect to the issuance of a 30 year sinking fund debenture in the amount of $300 million that was syndicated and sold in the domestic and global capital markets on July 18, 2018 and will be delivered to investors on August 1, 2018.     

This report also provides details of the projects that are being debt-financed from the proceeds of this transaction contained in Attachment A.