Decision details

RESOLVED:

1. That the application of the contract mechanism to refinance the Street Lighting contract which will result in a saving to the Council in the amount it pays for these services as an annual cost reduction of approximately [Exempt Minutes E-18-20] and a one-off upfront payment of approximately [Exempt Minutes E-18-20] payable upon completion of the Refinancing which is expected to be completed in November 2020 be approved in principle.

2.    That completion of the negotiation and execution of the final details of the Refinancing including a Deed of Variation be delegated to the Executive Director for Environment, Transport and Infrastructure (ETI) and the Executive Director for Resources, in consultation with the Cabinet Member for Transport and Cabinet Member for Resources in line with the tolerance set out in paragraph 28.

Reason for decision:

See Minute 162/20.

[The decisions on this item can be called in by the Communities, Environment and Highways Select Committee]