Decision type: Key
Decision status: For Determination
Notice of proposed decision first published: 17/04/2019
This decision will be taken under urgency procedures.
Reason for urgency:
Due to currently favourable debt markets, the City Council’s street lighting Private Finance Initiative (PFI) contractor has recently approached the Council with a proposal to re-finance its outstanding debt. This is a standard procedure within a PFI contract, from which the Council will receive a financial benefit. The item could not be included on a 28 Day Notice for two reasons. Firstly, taking the decision will give the Council’s commitment to the principle of the transaction, which the PFI contractor requires in order to move to the next stage of the transaction. A delay here will extend the timeframes that all parties are working to and reduce the ability to secure favourable funding terms at the earliest opportunity. Secondly, it will increase the flexibility that the Council and the PFI contractor have in order to time when final terms are agreed with the financial markets, thereby maximising the opportunities for these to be at their most advantageous to the Council.
Decision due: Not before 29th Apr 2019 by Leader of the Council
Lead director: Chief Executive
Contact: Richard Beckett Email: email@example.com.