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LOCAL AUTHORITY NOTICE
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LOCAL AUTHORITY NOTICE
CITY OF JOHANNESBURG METROPOLITAN MUNICIPALITY
In terms of Section 46(3)(a)(i) and (ii) of the Local Government: Municipal Finance Management Act, 2003 (Act No. 56 of 2003), read in conjunction with section 21A of the Municipal Systems Act, 2000 (Act No. 32 of 2000) the following Information Statement is hereby made public in relation to long-term debt the City of Johannesburg Metropolitan Municipality (“CoJ”) intends to incur.
1.Particulars of proposed debt: CoJ intends to enter into a loan agreement with Agence Francaise de Developpement under which Agence Francaise de Developpement will make available an amount in ZAR equivalent to EUR120,000,000 (one hundred and twenty million euro) at an interest rate that will be no more than 3% above the relevant government benchmark for a comparable term.
2.Purpose of the proposed debt: The amounts borrowed by the CoJ under the loan agreement will be used towards financing capital expenditure under the The Inner City Road Map Programme and the Corridors of Freedom Programme.
3.Security to be provided by the CoJ: None.
4.Maturity of the proposed debt: 15 years.
5.Proposed debt repayment: Interest will be payable semi-annually in arrears on each payment date and capital will be payable in thirty (30) equal semi-annual instalments. A two year grace period on capital repayments is available.
6.The anticipated total cost of the proposed debt over the repayment period: Anticipated total cost of the proposed debt over the repayment period can only be determined on the date of signing of the loan agreement.
Any member of the public who wants to comment on or make representations in relation to the proposed debt, is hereby invited to submit such comments or representations to the Treasury Department at the following address by no later than 16:00 on 24 March 2015. Any person who cannot write may come to the below address during office hours where one of the persons mentioned below will assist that person to transcribe their comments or representations.
66 Jorissen Street
Attention: Nicole das Neves or Mabandla Sibisi
Phone : (011) 242 1049/59
Fax: (011) 242 1055
TREVOR G FOWLER
CITY OF JOHANNESBURG