Decision details

Cabinet agreed to proceed with the refinancing of the Hengrove Leisure Centre PFI. Cabinet:

a) agreed that the council’s share of the financial gain should be received by the council as a lump sum following financial close of the refinancing;

b) approved the terms of the following Refinancing Documents (as further defined and listed in Appendix G):

a. deed of variation of the Hengrove Leisure Centre PFI Project Agreement (the “Deed of Variation”);

b. the Authority Direct Agreement;

c. certificates issued in accordance with the Local Government (Contracts) Act 1997;

d. any and all other contractual documentation which may be necessary or desirable to conclude the negotiations and achieve financial close of the refinancing of Hengrove Leisure Centre PFI;

c) in consultation with the Deputy Mayor and Cabinet member for Finance, Governance and Performance, authorising the Service Director of Finance (Chief Finance Officer and s151 officer), or Service Director: Legal and Democratic Services (Monitoring Officer), to approve, sign and issue certificates in accordance with section 3 of the Local Government (Contracts) Act 1997 in relation to the Deed of Variation and the Authority Direct Agreement and to take any such other steps in relation thereto as may be necessary or desirable; and

d) authorised the duly authorised legal officers under the council’s Scheme of Delegation to:

a. affix the council’s seal to the Deed of Variation and the Authority Direct Agreement; and

b. approve, sign and or execute any and all other documentation which may be necessary or desirable to conclude the negotiations and to achieve financial close of the refinancing.