Yorkshire Purchasing Organisation
Decision Maker: Executive
Decision status: For Determination
Is Key decision?: Yes
Is subject to call in?: Yes
Purpose of Report: As one of the founder members, to consider the potential major investment by a partner authority in relation to the Yorkshire Purchasing Organisation.
Members are asked to note the impact on the Council and confirm agreement to the investment.
Resolved: (i) That the proposed transaction be supported.
(ii) That financial backing for the transaction be confirmed and approval be given to underwrite a loan through entering into a supplemental agreement, with authority being delegated to the Chief Executive to approve the supplemental agreement set out in Appendix 4 to the report, subject to:
a) At least 10 of the 13 founder members remaining as founder members and agreeing to enter into the supplemental agreement;
b) The satisfactory completion of legal and financial due diligence on the proposal giving confidence to process; and
c) A resolution of the YPO Management Committee to enter into the transaction.
Reason: To enable YPO to continue to provide benefits to its members in the long term.
Report author: Debbie Mitchell
Publication date: 28/11/2019
Date of decision: 28/11/2019
Decided at meeting: 28/11/2019 - Executive
Effective from: 03/12/2019