Outstanding Loan - Financial Arrangements
To consider the report of the Director of Resources, (copy enclosed).
Additional documents:
Minutes:
The Committee considered the report of the Director of Resources, seeking Members’ consideration of the financial arrangements under a loan agreement with Stow Maries Great War Aerodrome (SMGWA).
Members were advised that the Council had received a request from SMGWA that consideration be given to defer payments of the loan agreement it had with the Council for 36 months. Details of the request were included Appendix 1 to the report. Further background and financial information relating to the loan were set out in the report.
A lengthy debate ensued, during which a number of questions were raised and responses provided by the Director of Resources.
Councillor D M Sismey proposed that subject to the following conditions deferral of the loan payments be delegated to the Section 151 Officer in conjunction with the Chairman of this Committee:
· the Section 151 Officer being comfortable that SMGWA business plan supports payment of future monies to the Council and that deferral is necessary;
· Essex County Council and any other organisations from whom loans have been made adopt the same procedure.
RESOLVED that subject to the following conditions deferral of the loan payments to the Council from Stow Maries Great War Aerodrome be delegated to the Section 151 Officer in conjunction with the Chairman of the Finance and Corporate Services Committee:
· the Section 151 Officer being comfortable that the Stow Maries Great War Aerodrome business plan supports payment of future monies to the Council and that deferral is necessary;
· Essex County Council and any other organisations from whom loans have been made adopt the same procedure.