Manawatū District Council

to $17,918,000 to fund the capital projects identified in the Annual Plan

2026/27.

2. That the Council authorises the Chief Executive to borrow to refinance existing loan facilities as they fall due. Loans can only be refinanced within the terms of the original loan approval as outlined in the financial strategy. 

3. That the Council authorises the Chief Executive to negotiate and agree the terms, interest rate payable, type of loan facilities or issues of stock and/or swaps that make up the borrowing and to execute any agreements, documents, and certificates in respect of such loans, facilities, or stock on behalf of the Council. 

4. That the borrowing be secured by a Debenture Trust Deed over all rates made from time to time by Council under the Local Government (Rating) Act 2002.

5. Council notes that the planned draw down of debt will breach the debt cap under the Current Liability Management Policy. However, due to Councils AA credit rating the planned total debt will not breach covenants with the Local Government Funding Agency.