Issue - meetings

Issue - meetings

Loan Facility to Low Carbon Hub

Meeting: 08/08/2016 - City Executive Board (became Cabinet on 13 May 2019) (Item 47)

Confidential Appendix_ Loan for the Carbon Hub

This is exempt from publication by virtue of Paragraph 5, Part 1 of Schedule 12A of the Local Government Act 1972 for the following reasons:

 

 

           Information in which a claim to legal professional privilege could be maintained in legal proceedings.

Minutes:

The Board noted the confidential appendix in open session.


Meeting: 10/09/2015 - City Executive Board (became Cabinet on 13 May 2019) (Item 77)

77 Loan Facility to Low Carbon Hub pdf icon PDF 131 KB

The Head of Direct Services has submitted a report which reports on the first draw down and repayment of the Council’s loan to the Low Carbon Hub agreed by the City Executive Board at its meeting on the 11 June 2014 and recommends subsequent drawdowns.

 

 

Officer Recommendations: That the City Executive Board resolves to:

 

1.      Note the success of the first draw down and repayment of the 2014 loan facility, and approves a further draw down from the loan facility as follows:

a)      800k secured against solar panel equipment (as in the previous tranche)

b)      823k secured against the Hub’s income stream from current projects

c)      that such further draw down be on a 12 month repayment timescale at an interest rate of 5%; and

2.      Delegate authority to the Council’s Section 151 Officer, in consultation with the Monitoring Officer, to enter into a Supplemental Agreement with the Low Carbon Hub, reflecting the arrangements for the further draw down from the loan facility.

Additional documents:

Minutes:

The Head of Direct Services submitted a report (previously circulated, now appended) which detailed the first draw down and repayment of the Council’s loan to the Low Carbon Hub agreed by the City Executive Board at its meeting on the 11 June 2014 and recommended subsequent drawdowns.

 

The Executive Director, Community Services reminded the Board that he was a Non-Executive Board Member of the Low Carbon Hub.

 

The Head of Financial Services presented the report, highlighting the work of the Low Carbon Hub on projects which had delivered £500k benefit to the residents of Oxford as detailed in paragraph 8 of the report.

 

The City Executive Board resolved to:

 

1.    Note the success of the first draw down and repayment of the 2014 loan facility, and approves a further draw down from the loan facility as follows:

a)      800k secured against solar panel equipment (as in the previous tranche)

b)      823k secured against the Hub’s income stream from current projects

c)      that such further draw down be on a 12 month repayment timescale at an interest rate of 5%; and

2.      Delegate authority to the Council’s Section 151 Officer, in consultation with the Monitoring Officer, to enter into a Supplemental Agreement with the Low Carbon Hub, reflecting the arrangements for the further draw down from the loan facility.