That for the purposes of the Priorities Agreement dated March 30, 2011, between the City of Burlington (“BHI”) and Toronto Dominion Bank (“TD”), the Mayor and City Clerk be authorized and directed to execute and deliver a consent authorizing BHI to incur up to an additional $15,000,000 in debt from TD, pursuant to its credit facility agreement dated on or about January 12, 2011 and amended, between TD, as lender, and BHI, as borrower, substantially in the form appended as Appendix A to report F-15-21, subject to the approval as to form by the Executive Director of Legal Services and Corporation Counsel and approval as to content of the Chief Financial Officer.
That as is required by the Shareholder Direction dated October 15, 2019, the City of Burlington, in its capacity as a shareholder of the Burlington Enterprise Corporation, hereby authorizes and approves the increase in indebtedness of Burlington Hydro Inc, from the Toronto Dominion Bank up to an additional amount of $15,000,000, and the Mayor and Clerk are hereby authorized and directed to execute the Resolution of Sole Shareholder substantially in the form appended as Appendix B to report F-15-21, subject to the approval as to form by the Executive Director of Legal Services and Corporation Counsel and approval as to content of the Chief Financial Officer.
The Mayor and City Clerk, for and on behalf of the City, are authorized to negotiate, finalize, execute and deliver any related documents and to do all such other acts and things which the Mayor and City Clerk may determine to be necessary or advisable, or as the City may be advised by counsel are necessary or advisable, to give effect to the recommendations in Report F-15-21 subject to the approval as to form by the Executive Director of Legal Services and Corporation Counsel and approval as to content of the Chief Financial Officer.