Debt Issuance Committee terms of reference

Terms of reference

Effective June 25, 2015

Function and responsibilities

The Debt Issuance Committee is delegated the authority to make the final decisions with respect to the following matters to the extent that the authority has not already been delegated:

1. The authority to enact debenture by-laws to authorize the issuance of debentures where the project debt authority has already been approved by Council.
2. The entering into of financing and other agreements in connection with long-term borrowings offered through governments and their agencies.

Membership

The Debt Issuance Committee shall consist of the following members:

• The Regional Chair (or their designate, who is to be a member of Council). The Regional Chair (or their designate) shall be the Chair of the Debt Issuance Committee.
• One Member of Regional Council (or their designate, who is a member of Council).
• The Chief Administrative Officer (or their designate)
• The Chief Financial Officer (or their designate)

Quorum

A quorum shall be two members of the Committee, with at least one of the two members being the Regional Chair or Member of Regional Council.

Reporting structure

The Debt Issuance Committee shall provide minutes of the Committee meetings to Council regarding the exercise of its delegated authority at the earliest opportunity after each debenture issuance and after the entering into of each long-term borrowing agreement.

Term of appointment

• The delegation to the Debt Issuance Committee shall not be revoked before the end of the term of Regional Council at which time this delegation may be revoked, failing which this delegation remains in effect;
• The Debt Issuance Committee membership service is irrevocable and members serve by virtue of their positions until a successor is appointed.

Frequency of meetings

The Debt Issuance Committee shall meet at the call of the Committee Chair.

Except as noted within the by-law, to effectively execute their responsibilities, the Debt Issuance Committee shall be subject to the provisions of the Procedure By-law and meetings notices will be give to members of the Debt Issuance Committee and posted to the Region’s website a minimum of 24 hours in advance of the meeting.

Staff resources

A designate of the Regional Clerk will provide secretariat support to the Debt Issuance Committee.