Decision details

UK Municipal Bonds Agency PLC

Decision Maker: Lead Member for Resources and Climate Change

Decision status: Recommendations approved

Is Key decision?: No

Is subject to call in?: Yes

Purpose:

To consider the formal approval for East Sussex County Council to participate in, and commit funding in the Municipal Bonds Agency (the Local Capital Finance Company Ltd).

Decisions:

3.1       The Lead Member considered a report by the Chief Operating Officer.

DECISIONS

3.2       RESOLVED to (1) agree the Council becoming a shareholder and committing funding to an investment of £40,000 to the UK Municipal Bond Agency PLC; and 

(2) agree that further Members’ approval will be required to sign the Framework Agreement and its accompanying schedules including the joint and several guarantee. 

Reasons

3.3       There is no immediate plan or need to borrow through the UK MBA PLC, but as a shareholder the Council would be able to access preferential rates.

Report author: Kevin Foster

Publication date: 24/05/2016

Date of decision: 20/05/2016

Decided at meeting: 20/05/2016 - Lead Member for Resources and Climate Change

Effective from: 28/05/2016

Accompanying Documents: