To consider the submitted report on the above.

The Council considered the submitted report which sought approval for the Council to provide a loan to Torbay Coast and Countryside Trust.

It was proposed by Mayor Oliver and seconded by Councillor Lewis:

(i)         that a long term loan to Torbay Coast and Countryside Trust sum of up to £900,000 be approved;

(ii)        that a new guarantee on an overdraft facility to Torbay Coast and Countryside Trust up to £100,000 be approved;

(iii)       that it be noted that (i) and (ii) above are dependent on the Council's current guarantee of £975,000 being cancelled and that the total of the loan and new guarantee combined do not exceed £900,000 in total;  and

(iv)       that the negotiation of the final terms of the loan and guarantee be delegated to the Chief Financial Officer and the Assistant Director of Corporate and Business Services.

On being put to the vote, the motion was declared carried.

(Note:  During consideration of Minute 15, Councillors Haddock and Tyerman declared non-pecuniary interests, details of which are contained in Minute 10 above.)