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Board Meetings

Financial Report


January 22, 2008




        REPORT


Permanent Financing for Good Places to Learn and Prohibitive to Repair Initiatives

Stage I and 2 of the Ontario Government “Good Places to Learn” capital initiative and “Prohibitive to Repair” program are now substantially complete.  As a result, school boards across Ontario are in the position to permanently finance the capital project costs.  This is a Ministry of Education cooperative financing project for all boards through the Ontario Financing Authority (OFA).

The current permanent financing offering covers Phase 1 and 2 of the Good Places to Learn Program and the Prohibitive to Repair program in the amount of $13,172,933.  The projects covered by the GPTL financing are listed on the attached Schedule “A”.  In order to proceed with the financing, the legal requirement is that the Board enter into an agreement with Ontario Financing Authority (OFA).  Included with this agreement is a requirement for the Board to pass a by-law authorizing a loan from the Ontario Financing Authority in the principal amount of $13,172,933 pursuant to a loan agreement under Section 12 of Ontario Regulation 466/97.  The by-law details and loan agreement have been prepared by legal counsel and are attached to this report. The Board is required to complete the documentation for this transaction no later than March 3, 2008.

Currently these projects are being financed by temporary borrowing. Upon completion of this transaction, the temporary borrowing will be repaid with the permanent financing.  The permanent financing is funded on an annual basis by way of Good Places to Learn and Prohibitive to Repair Grants from the Province of Ontario.



Recommendation:

That Bluewater District School Board approve Board By-Law No. 2008-01-22 being a bylaw to authorize the capital borrowing of $13,172,933 through the Ontario Financing Authority and that this resolution constitutes final reading and passing of By-Law 2008-01-22.





Submitted to:
Bluewater District School Board
January 22, 2008
For more information please contact
Brenda Booth,
Superintendent of Business and Treasurer

        


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