Municipal/Council borrowing - how does it work ?


S

Steve

How does a Council obtain funding from banks for projects - such as, say
construction related.
For example, assuming that they could go to the City, how would they go
about approaching a City Financial firm ?

Regards.
 
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J

john boyle

Steve said:
How does a Council obtain funding from banks for projects - such as, say
construction related.
For example, assuming that they could go to the City, how would they go
about approaching a City Financial firm ?
Head of Local Authority Funding
Acme Bank PLC


Dear Sir

I am the Treasurer of Spendthrift Borough Council.

We want to build a car park but have no money.

The council authorised the borrowing under minute 234/04 dated
dd/mm/yyyy.

Our statutory papers of Incorporation are attached in which our
authority to borrow is described.

We have the necessary permissions from Central Government to borrow the
money - a copy of which is attached. We need £10m to be repaid over 50
years.

Our Audited Financial Statements are attached.

Interest at half per cent over 6 month LIBOR would be nice or could you
quote for 50 years fixed?

Yours faithfully



A Treasurer
 
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S

Steve

So once the letter hits the bank, to where would it go internally ?
 

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