Issue - meetings

To consider a report by the Assistant Director, Finance and Resources.

Approved the principle of a loan to Huntingdonshire Regional College and authorised the Assistant Director, Finance and Resources after consultation with the Executive Leader and Executive Councillor for Finance to approve the details of the loan.

(The Chairman announced that he proposed to admit the following urgent item in accordance with Section 100B (4) (b) of the Local Government Act 1972 given the need for the Council to respond to the College as soon as possible).

With reference to a joint report by the Head of Legal and Democratic and Financial Services (a copy of which is appended in the Annex to the Minute Book) the Cabinet considered a request from Huntingdonshire Regional College for a loan to enable them to fund the expansion of their facilities.

In discussing the risk associated with the request, Members were advised that adequate security would be available to the Council in the form of a charge against land in excess of the value of the outstanding loan.

Having recognised the community benefit the improvements will have for the area, the Cabinet

RESOLVED

(a)  that the principle of a loan to Huntingdonshire Regional College be approved; and

(b)  that the Assistant Director  Finance and Resources be authorised, after consultation with the Executive Leader and the Executive Councillor for Resources, to finalise the details of the loan.