Purpose

To agree rescheduling of the loans.

Content

The Executive RESOLVED

That the Section 151 Officer and the Monitoring Officer be given
the authority, in consultation with the Leader and the Portfolio
Holder, to restructure the Greenfield School loan providing any
formal request from Greenfield School is supported by the
following.

1.        
A response that it is the clear preference of this Council that the
school meet its existing commitment to repay the loan due to mature
on 25th November 2024 and that it will not consider, at this stage,
the transfer of interest in 54-58 Chertsey Road as an
alternative.

2.        
Independent and professional advice on the viability and risks of
any proposal to reschedule the balance due on the 25th of November
to provide assurance that the school will be able to honour the
revised terms. The borrower should assume the cost of such
advice.

3.        
A written commitment from Greenfield School that they will
additionally provide independent and professional advice on the
viability of the school’s longer-term plans to pay the
remainder of the loans. The borrower should assume the costs of
such advice.

4.        
Independent advice on any subsidy control or competition issues
that need to be taken into account.

Reason:   To manage the
Council’s loans to Greenfield School in a way that best
protects the public interest.