Request for Information Regarding LOBO Loan Authorisation and Governance
Under the Freedom of Information Act 2000, I am writing to request the following information regarding the LOBO (Lender Option Borrower Option) loans currently held by Herefordshire Council, specifically:
1. Decision-making and Authorisation
a) Who within Herefordshire Council proposed and authorised the entry into the two LOBO loan agreements totalling £12 million?
b) What were the stated purposes or projects for which these LOBO loans were originally raised?
2. Governance and Democratic Oversight
a) Was the decision to enter into these LOBO loans subject to a vote by Full Council?
b) If so, please provide the minutes of the meeting, including:
i) The date of the meeting;
ii) The motion text;
iii) The voting record;
iv) Any amendments or objections raised.
v) If the decision was taken under executive powers or delegated authority, please specify:
vi) The relevant constitutional or legal basis for that delegation;
vii) The identity and role of the officer or executive making the final decision.
3. Public Notification and Consultation
a) Was any form of public notice, consultation, or communication issued to inform local taxpayers of the Council’s intention to enter into these long-term financial agreements?
b) If yes, please provide:
i) The dates of such notices or communications;
ii) Copies of the public announcements or records.
4. Loan Terms and Duration
a) Please confirm:
i) The exact date of inception for each LOBO loan;
ii) The original term and maturity date;
iii) Whether any options to raise the interest rate have been exercised by the lenders;
iv) Whether Herefordshire Council has ever attempted or negotiated early exit terms.
