Extraordinary Regional Council

Open Minutes

Commencing:             Tuesday 11 June 2024, 1.40 PM (at the conclusion of the Monitoring & Operations Committee meeting)

Venue:                         Mataatua Room, Bay of Plenty Regional Council, 5 Quay Street, Whakatāne and via Zoom (audio visual meeting)

Chairperson:               Chairman Doug Leeder

Deputy Chairperson:  Deputy Chairperson Jane Nees – via Zoom

Members:                    Cr Malcolm Campbell

Cr Stuart Crosby

Cr Toi Kai Rākau Iti – via Zoom

Cr Matemoana McDonald

Cr Ron Scott

Cr Lyall Thurston – via Zoom

Cr Andrew von Dadelszen – via Zoom

Cr Te Taru White – via Zoom

Cr Kevin Winters

In Attendance:            Fiona McTavish – Chief Executive, Mat Taylor – General Manager Corporate, Amanda Namana – Committee Advisor

Apologies:                  Cr Kat Macmillan, Cr Paula Thompson, Cr Ken Shirley

 

Chairman Leeder noted that as the meeting followed straight on from the Monitoring & Operations Committee, the livestreaming statement from then still applied. The recording would be made available on the Bay of Plenty Regional Council website following the meeting Extraordinary Council - 11 June 2024

1.     Apologies

Resolved

That the Regional Council:

1          Accepts the apologies from Cr Kat Macmillan. Cr Paula Thompson and Cr Ken Shirley tendered at the meeting.

Leeder/Winters

CARRIED

 

2.     Declaration of Conflicts of Interest

Cr Stuart Crosby – as a Director of Quayside holdings Ltd declared an interest in Agenda Item 8.1: Extension of Quayside Holdings Limited General Facility Agreement and abstained from discussion and voting.

Cr Te Taru White – as a Director of Quayside holdings Ltd declared an interest in Agenda Item 8.1: Extension of Quayside Holdings Limited General Facility Agreement and abstained from discussion and voting.

3.     Reports

Decisions Required

3.1

Extension of Quayside Holdings Limited General Facility Agreement

Presented by: Mat Taylor – General Manager Corporate and Kumaren Perumal – Chief Financial Officer (via Zoom)

Key Points:

·       Clarified there were two main aspects of the report, being the extension of the existing $50m borrowing, and the transfer of a further $50m borrowing to Local Government Funding Agency (LGFA) as this provided more favourable terms than the existing arrangements

·       Noted that although the Chief Executive was a Director on the Quayside Holdings Ltd Board, there was no conflict of interest in this matter as the Chief Executive’s role was restricted to applying any decision the Council made, rather than being part of the decision making process. Further noted that the Chief Executive was abstaining from providing any advice on the matter before the Council today

 

Resolved

That the Extraordinary Regional Council:

1          Receives the report, Extension of Quayside Holdings Limited General Facility Agreement.

2          Approves the extension of the Quayside Holdings Limited General Facility Agreement to 1 July 2030.

3          Approves the increase of the Quayside Holdings Limited General Facility from $50 million to $100 million to replace other Quayside Holdings Limited borrowing facilities.

4          Delegates to the Chief Executive the power to sign any legal documents to give effect to recommendations 2 and 3.

5          Notes that any transactions under the Quayside Holdings Limited General Facility are approved within daily transaction limits set in the Treasury Policy.

Winters/Campbell

CARRIED

1.45 pm – the meeting closed.

 

 

 

 

 

Confirmed 26 June 2024                                                                                                                 

                                                                                                                         Chairman Doug Leeder

Chairperson, Regional Council