Issue - meetings

(i)         to note the work undertaken and the outcome of the project;

(ii)        to thank officers’ throughout the Council for their hard work and due diligence in securing the bond;

(iii)       to agree that the Aberdeen the Smarter City, programme introduced by the Council in 2012 has contributed significantly to the Council achieving a credit rating AA2 from Moody’s and that the issuing of a £370m bond highlights the financial strength of Aberdeen City Council;

(iv)       to agree that the bond allows the Council to part-fund the Capital Programme and assists the Council in moving forward to achieve its objectives in line with the Strategic Infrastructure Plan and Aberdeen the Smarter City;

(v)        to agree that carrying out innovative funding places Aberdeen City Council at the forefront of creative lending solutions and drives Aberdeen City forward as a council for the future;

(vi)       to note the saving to the Council Tax payer of £99.8m; and

(vii)      to note that the Council approved the financial implications of this borrowing having given due consideration to Best Value, Affordability, Investment Strategy, Counterparty List and the Prudential Indicators 2015/16 to 2020/21 at the Council meeting on 17th August 2016.

The Committee had before it a report by the Interim Director of Corporate Governance which provided details of the outcome of the recent project to obtain a Credit Rating and to secure funding towards the Council’s Capital Programmes by issuing bonds up to £370 million in value.

The report recommended:-

that the Committee note the work undertaken and the outcome of the project.

The Committee resolved:-

(i)         to approve the recommendation;

(ii)        to thank officers throughout the Council for their hard work and due diligence in securing the bond;

(iii)       to agree that the Aberdeen the Smarter City programme introduced by the Council in 2012 has contributed significantly to the Council achieving a credit rating AA2 from Moody’s and that the issuing of a £370m bond highlights the financial strength of Aberdeen City Council;

(iv)       to agree that the bond allows the Council to part-fund the Capital Programme and assists the Council in moving forward to achieve its objectives in line with the Strategic Infrastructure Plan and Aberdeen the Smarter City;

(v)        to agree that carrying out innovative funding places Aberdeen City Council at the forefront of creative lending solutions and drives Aberdeen City forward as a council for the future;

(vi)       to note the saving to the Council Tax payer of £99.8m; and

(vii)      to note that the Council approved the financial implications of this borrowing having given due consideration to Best Value, Affordability, Investment Strategy, Counterparty List and the Prudential Indicators 2015/16 to 2020/21 at the Council meeting on 17th August 2016.