South Tyne and Wear Waste Management Partnership PFI Contract
Report of the Acting Strategic Director, Communities and Environment and Strategic Director, Corporate Resources
Minutes:
Consideration has been given to proposed changes to the funding arrangements on the Council’s Waste PFI Contract.
RESOLVED - (i) That the principle of South of Tyne and Wear Energy Recovery Limited revising their funding arrangements in accordance with the provisions contained within the PFI contract be approved.
(ii) That the Strategic Director, Corporate Resources be given delegated powers to approve the revisions to the financial model and funding terms, including the calculation of the gain for the Partnership in consultation with the S151 Officers from Sunderland and South Tyneside Councils and in accordance with advice from external financial consultants, Local Partnerships LLP.
(iii) That the Strategic Director, Corporate Services and Governance be given delegated powers to approve and agree any revisions to the contractual documentation necessary to reflect the changes to
the funding terms in accordance with advice from external legal consultants, Pinsent Masons
LLP.
(iv) That the Strategic Director, Corporate Services and Governance be given delegated powers to execute the variation agreement and other necessary documentation as is required to give effect to the above decisions, so far as such power is not already delegated by the Council’s constitution.
The above decisions have been made to deliver a revenue saving for the Council by reducing the financing costs associated with the Council’s Residual Waste Treatment Contract.