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Board Meetings

School Support and Service Centre Financing


December 18, 2007



School Support and Service Centre Financing


On November 20, 2007 the Board approved the proposal to finance $8.3 million for the new School Support and Service Centre, subject to acceptable lender terms.  Subsequent to that date a commitment letter made by Pacific & Western Bank of Canada (the “Bank”) was accepted by the Board on December 6, 2007, for a loan in the principal amount of $8,300,000.  The following resolution must be approved by the board to ensure that the Treasurer and the Director of Education of the Board are authorized to execute all other papers in the name of the Board.  

The reference in the recommendation to the legal opinion referred to in item 3. of the section entitled “Loan Documentation” in the Commitment letter reads as follows:

“Legal opinion of the Borrower’s legal counsel confirming due authorization and execution of loan documents, along with supporting officer’s certificate, by-law (if any), incumbency certificate and resolution.”

The following recommendation ratifies and confirms the Board’s approval of the signing of the commitment letter for a loan in the amount of $8,300,000 and that the Treasurer of the Board and the Director of Education of the Board are authorized to execute documents and papers in the name of the board so that we may complete the transactions as contemplated by the Commitment Letter.

Recommendation:

That Bluewater District School board (the :Board”) hereby ratify, confirm and approve the execution by the Chair and the Treasurer and the delivery of a commitment letter dated December 4, 2007 made by Pacific & Western Bank of Canada (the “Bank”) as lender in favour of the Board as borrower, accepted by the Board on December 6, 2007 (the “Commitment Letter”), for a loan in the principal amount of $8,300,000 for the purpose of providing construction financing for the Board’s school support and services centre located in Chesley, Ontario, on the basis that the legal opinion referred to in item 3. of the section entitled “Loan Documentation” in the Commitment Letter will be provided by the Board’s counsel to the Bank.

That the Treasurer of the Board and the Director of Education of the Board are hereby authorized to generally to do all things and execute all documents and other papers in the name of the Board in order to complete the transactions contemplated by the Commitment Letter and the seal of the Board may be affixed to any of such documents and papers.









Submitted to:
Bluewater District School Board
18 December 2007
For more information please contact
Brenda Booth,
Superintendent of Business and Treasurer

        



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