Decision details

Members considered the Fenland Future Ltd Financing report presented by Peter Catchpole.

Peter Catchpole emphasised this is not a request for funding, this is a request to agree a loan agreement which will trigger how the Council funds in the future.

Councillor Boden thanked Peter Catchpole for this report, saying it has been a long time coming and it is good to be at this stage now. However, there are two places within the report with referencing issues that need amending, namely:

1.    Paragraph 11.2.2.2 on page 34 of the agenda pack, and similarly

2.    Paragraph 5, 19.1 on page 49.

The Investment Board AGREED to approve the Loan Agreement as set out at Schedule 1 of the report and to delegate authority to the Section 151 Officer and/or his nominated delegate(s) to authorise drawdown requests in consultation with the Chairman of the Investment Board or, if they are not available, one of the other members of the Investment Board, in accordance with the process outlined in Section 5 of the Loan Agreement itself.