Issue - meetings

To receive a report from the Principal Accountant seeking approval of an unsecured loan to Somersham Parish Council.

Executive Councillor: J A Gray.

The Cabinet agreed to:

§  make a loan to Somersham Parish Council, of up to £10,000, up to 6 years in duration, and at a rate of interest to be determined by the Head of Resources in consultation with the Executive Councillor for Resources resulting in no cost to the District Council as a minimum; and

§  has authorised the Head of Resources to complete the necessary loan agreement and other legal documentation as required.

With the aid of a report by the Head of Resources (a copy of which is appended in the Minute Book) the Cabinet considered a request for an unsecured loan of up to £10,000 to Somersham Parish Council to enable improvement of the skate ramp located at the Playing Fields, Parkhill Road. In noting the background, it was reported that this would be a one-off exceptional request. Having sought assurances that the loan would result in no cost to the District Council, an amendment was proposed to the recommendation contained within the report. Whereupon, it was

RESOLVED

(a)  that a loan to Somersham Parish Council of up to £10,000, up to 6 years in duration, and at a rate of interest to be determined by the Head of Resources in consultation with the Executive Councillor for Resources resulting in no cost to the District Council as a minimum be agreed; and

(b)  that the Head of Resources be authorised to complete the necessary loan agreement and other legal documentation as required.