Agenda item

Cardiff Bus - Loan for Acquisition of Electric Vehicles




1.            the granting of a loan to Cardiff Bus from the Council for £2.0 million for the purchase of electric vehicles subject to conclusion of a legal agreement, to include appropriate security arrangements, between the Council and Cardiff Bus in respect of the terms of the loan


2.            In line with the Council’s Budgetary Framework, further Council approval be sought when required and if appropriate, in terms of spend commitments and in line with DFT grant conditions, for a further loan to Cardiff Bus for £1.8 million.


3.         the Corporate Director Resources in consultation with the Director of Governance & Legal Services and the Cabinet Member for Finance, Modernisation and Performance be delegated the authority to  prepare and conclude of the legal agreements between the Council and Cardiff Bus in respect of approved loans.


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