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Board Meetings
Report


June 16, 2009


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

On June 2, 2009, the Board received confirmation from the Ministry of Education that approval has been granted to finance the Education Centre through the Ontario Financing Authority.  It is expected that this financing will be completed by June 29, 2009.

The long-term financing will be in the amount of $8,300,000, the same amount as approved for short-term financing.  In order to proceed with the financing, the legal requirement is that the Board enter into an agreement with the 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 $8,300,000.

Due to short timelines, legal counsel has forwarded draft templates for the by-law and loan agreement in order to provide trustees with information prior to June 16, 2009.  The final by-law details and loan agreement will be prepared by legal counsel for the Board Meeting on June 16, 2009.

Please note that the draft documents refer to “New Pupil Places Program” and elementary and secondary pupil places.  These are not applicable for the education centre and will be replaced in the final documents.


Recommendation:

That Bluewater District School Board approve Board By-Law No. 2009-06-16 being a bylaw to authorize the capital borrowing of $8,300,000 through the Ontario Financing Authority and that this resolution constitutes final reading and passing of By-Law 2009-06-16.

        



Submitted to:
Bluewater District School Board
June 16, 2009           
For further information please contact
Brenda Booth, Superintendent of Business

        


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