Decision details

Received a report on the need for the Council and BY Education (Barking) Limited, the contractor for the new Jo Richardson Community School and the new and refurbished buildings at Eastbury Comprehensive School, to establish a Joint Insurance Proceeds Account to handle insurance monies that may be due during the operation of the 25-year Private Finance Initiative (PFI) contract.

Agreed, in order to comply with the terms of the PFI contract, to:-

(i)  The establishment of an appropriate joint bank account with BY Education (Barking) Limited to deal with Joint Insurance Proceeds as detailed in the report; and

(ii)  Authorise the Corporate Director of Children’s Services and the Divisional Director of Corporate Finance (and their successors) as signatories to this account.