Issue - meetings

LOBO Loan

Meeting: 25/10/2018 - Lead Member for Resources and Climate Change (Item 25)

LOBO Loan

Report by the Chief Operating Officer

Minutes:

25.1     The Lead Member considered a report by the Chief Operating Officer setting out three options on two Lender Option Borrower Option (LOBO) loans. 

 

DECISIONS

 

25.2     The Lead Member RESOLVED (1) to approve the repayment of the two RBS LOBO loans, totalling £23m, together with the negotiated premium for early redemption, as per Option 3; and

 

(2)        to delegate to the Chief Finance Officer authority to take all necessary actions to give effect to recommendation (1), including agreeing the terms of the redemption and completing the actions required to repay the two RBS LOBO loans and early redemption premium at the conclusion of negotiations by Link Asset Services.

 

Reasons

 

25.3     Approval of Option 3 will have a positive impact on the level of total debt held by the Council and on the Treasury Management budget.