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.
In message , Steve writes
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
So once the letter hits the bank, to where would it go internally ?
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