Special Board Meeting November 8
Posted on 11/10/2011
A special meeting of the Board of Trustees was held Tuesday November 8, 2011, 3:00 p.m. at the Catholic Education Centre.
The purpose of the meeting was to discuss Long-Term Financing.
The Board approved By-Law Number 2011-02 to authorize a loan from the Ontario Financing Authority in the principal amount of $350,873.
The amount represents the final portion of financing for the new addition at St. Peter’s & St. Paul’s School in Durham which was completed in the spring of 2010. $350, 873.00 of the $2.4 million project was to be funded through the New Pupil Grant from the Ministry of Education, a program to fund capital projects with respect to instructional spaces at existing elementary and secondary schools.
The 25 year agreement will be fully paid on November 15, 2036, and bears interest at 3.97%. This debenture agreement with the Ministry of Education is a fully supported loan, meaning there is no net cost to the board, including interest and administrative costs.