Agenda item

Report of the Director of Finance and Corporate Services

Members considered and agreed with the recommendations of the Scrutiny Committee (held immediately before the meeting) concerning any possible rise in the Bank of England base rate, and these are reflected as the additional text, in bold and italic, in Decision numbers 1 and 2 below.

Decisions:

1.              That a maximum loan of £37,000 to Blaengwrach Community Council Limited at an interest rate of 1% for a maximum period of 15 months, be approved, but should the Bank of England base rate increase before the loan is taken out, the interest rate be increased by the same percentage rise;

2.    That a maximum loan of £156,000 to Seven Sisters Community Council at an interest rate of 1% for a maximum period of 9 months, be approved, but should the Bank of England base rate increase before the loan is taken out, the interest rate be increased by the same percentage rise;

3.              That delegated authority be granted to the Director of Finance and Corporate Services (in consultation with the Head of Legal Services) to enter into a loan agreement detailing the arrangements between the Council and each Community Council, referred to in Decisions 1 and 2 above.

Reason for Decisions:

To enable the Community Councils to deliver their community projects.

Implementation of Decisions:

The decisions will be implemented after the three day call in period.