Decision details

RESOLVED –

1.         that Cabinet recommends to Council that Watford, as one of the member authorities of the West Herts Crematorium Joint Committee, signs a loan facility agreement between Hertsmere Borough Council, St Albans City and District Council, Three Rivers District Council and Watford Borough Council as borrowers with Dacorum Borough Council as lender for £6 million to part fund a new Crematorium in Hemel Hempstead, subject to all the other 4 borrowing authorities passing similar resolutions;

2.         that Cabinet recommends to Council that Watford also signs a Deed of Contribution and Indemnity with all five partner authorities of the West Herts Crematorium Joint Committee, namely Dacorum Borough Council, Hertsmere Borough Council, St Albans City and District Council, Three Rivers District Council and Watford Borough subject to all the other member authorities passing similar resolutions;

3.         that Cabinet recommends that Council notes that in agreeing to 1 and 2 above that Watford are underwriting one fifth of the £6 million loan facility should the West Herts Crematorium Joint Committee default on repayment of the loan.

4.         that delegated authority be given to the Director of Finance to agree the final terms of the loan and indemnity agreements.