Outstanding Loan - Financial Arrangements
To consider the report of the Director of Resources, (copy enclosed).
The Council considered the report of the Director of Resources, seeking Members’ consideration of a request to change the financial arrangements for an existing loan.
The report provided detailed information regarding the loan arrangements and existing instalment schedule. A request had been received to make changes to the existing loan arrangement and appendices to the report provided detailed information in relation to this request.
Prior to its consideration of the report the Council received a presentation from a trustee of the company (that the loan related to) who also proceeded to answer questions raised by Members.
At this point, Councillor Miss A M Beale disclosed a non-pecuniary interest in this item of business.
In response to questions regarding the trustee attending, Officers provided background information and the Lead Legal Specialist and Monitoring Officer advised that there was no constitutional reason that a member of the public could not attend and address the Council. The Director of Strategy, Performance and Governance advised that Officers would take on board the comments of Members for any such future presentations.
Following further debate, Councillor K M H Lagan proposed that the Council did not convert the loan and the original terms remained. This proposal was duly seconded.
Councillor R H Siddall proposed that the Council keep things as they were (in respect of the loan) but that the Finance Working Group receive and review the company’s business plan and full accounts before reporting back to the Council. This proposal was duly seconded.
Councillor Lagan withdrew his earlier proposal at this point.
The Chairman then put the proposal in the name of Councillor Siddall to the Council and this was duly agreed.
RESOLVED that the current arrangements for the loan remain unchanged and the Finance Working Group receive and review the company’s business plan and full accounts before reporting back to the Council.