Aberdeen City Council has become the first Scottish local authority to raise money through a bond issue.
The £370m raised will now be used to drive a capital programme which includes investment in vital infrastructure throughout the city.
This includes the comprehensive City Centre Masterplan, school and housing developments, roads construction and the construction of a new Aberdeen Exhibition and Conference Centre.
It has the backing of the Scottish government, which believes other councils could go down a similar route.
The Council’s Leader Jennifer Laing said “This is a remarkable achievement by this Council in securing this investment in the future of our city.”
Aberdeen becoming the first council in Scotland to be given a credit rating, achieving Aa2, one below the UK as a whole.
Warrington council became the first English local authority in a decade to issue bonds when it launched a £150m public bond in 2015.
The bonds will be listed on the London Stock Exchange and have a maturity date of 2054.
Proposed masterplan for the city will see Union Street partly pedestrianised
from Construction Enquirer http://www.constructionenquirer.com/2016/11/02/aberdeen-city-council-raises-370m-for-infrastructure/
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