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Issue - decisions

Streets Ahead PFI Contract- Refinance

16/12/2021 - Streets Ahead PFI Contract- Refinance

That the Leader of the Council:

 

  1. Approve the continuation of the Refinance process and dialogue with existing and potential new funders in order to determine the optimal route in terms of maximising savings and mitigating risks and subsequently take forward the preferred option;

 

  1. Approve the ongoing dialogue with the DfT throughout the refinance process and to submit a business case seeking DfT/HMT approval to complete the refinance, which includes agreeing the optimal process for funding the DfT’s share of the refinance savings;

 

  1. Approve the funding of any abortive project costs of the Refinance from the Streets Ahead contingency;

 

  1. Delegates authority to the Executive Director of Resources to:

 

·       monitor the progress made by Council officers in determining the optimal refinancing option and approve (if appropriate) the recommended option; and

·       review and authorise the submission of a business case to the DfT/ HMT including the methodology for funding the DfT’s share of the refinancing savings; and

·       complete the refinance of the Contract subject to the approval of commercially acceptable terms by the Director of Legal and Governance

 

  1. Delegates authority to the Director of Legal and Governance to process the High Value Changes under a Deed of Variation; and

 

  1. Where no existing authority exists, delegates authority to the Executive Director of Resources, in consultation with the Director of Legal and Governance to take such steps to meet the aims and objectives of the report.