Issue - decisions
PROVISION OF A BUSINESS LOAN TO BLACKPOOL TRANSPORT SERVICES LIMITED
The Executive agreed the
recommendations as outlined above namely:
- To
approve a £550,000 loan towards a £750,000 capital
investment in upgrading the Blackpool Transport Services Limited
fleet with a contactless payment system.
- To
agree that the loan agreement will have a loan repayment term of 5
years from initial drawdown.
- To
delegate authority to the Chief Executive to finalise any legal
conditions for the loan including the rate of interest.
- To
authorise the Head of Legal to prepare legal documentation for the
loan facility and associated security charges.