The recommendations were amended and then agreed.

DECISION

1.    To agree the arrangements for the refinancing of the Poplar Baths Scheme

2.    To delegate to the Corporate Director, Resources in consultation with the Corporate Director, Governance, approval for changes to the project documentation to give effect to the refinancing proposal (including but not limited to paragraph 3.41 of the report) and to finalise and arranging the execution of all arrangements and documents (including those ancillary to the documents mentioned [above]).

Action by:

CORPORATE DIRECTOR, RESOURCES (N. MURTON)

The Mayor introduced the report. He explained that the PFI arrangements in relation to Poplar Baths required refinancing to ensure best available value to the Council. Underwriting ensured the risk to the Council was covered. He also noted a request to change the second recommendation to clarify the role of officers in actioning the decision. He agreed the recommendations with that amendment.

RESOLVED

1.    To agree the arrangements for the refinancing of the Poplar Baths Scheme

2.    To delegate to the Corporate Director, Resources in consultation with the Corporate Director, Governance, approval for changes to the project documentation to give effect to the refinancing proposal (including but not limited to paragraph 3.41 of the report) and to finalise and arranging the execution of all arrangements and documents (including those ancillary to the documents mentioned [above]).