hordruma/ontario_laws_and_regs huggingface dataset:
Borrowing pending issue and sale of debentures
92. (1) When the County has authorized the borrowing of money and the issue of debentures for its purposes, the County Council pending the issue and sale of the debentures may agree with a bank or person for temporary advances from time to time for the purposes authorized, and may by by-law pending the sale of such debentures or in lieu of selling them authorize the warden and treasurer to raise money by way of loan on the debentures and to hypothecate them for the loan. R.S.O. 1990, c. C.42, s. 92 (1); 1992, c. 15, s. 62 (1). Idem (2) When the County has authorized the borrowing of money and the issue of debentures for the purposes of an area municipality, the County Council or the council of the area municipality pending the issue and sale of the debentures may, and the County Council on the request of the area municipality shall, agree with a bank or person for temporary advances from time to time for the purposes authorized, and the County Council may, or on the request of the area municipality shall, pending the sale of the debentures or in lieu of selling them, authorize the warden and treasurer to raise money by way of loan on the debentures and to hypothecate them for the loan, and shall transfer the proceeds of the advance or loan to the area municipality. R.S.O. 1990, c. C.42, s. 92 (2); 1992, c. 15, s. 62 (2). Interest on proceeds transferred (3) The County may charge interest on any proceeds of an advance or loan transferred under subsection (2) at a rate sufficient to reimburse it for the cost of the advance or loan. Application of proceeds of loan (4) The proceeds of every advance or loan under this section shall be applied to the purposes for which the debentures were authorized, but the lender shall not be bound to see to the application of the proceeds and, if the debentures are subsequently sold, the proceeds of the sale shall be applied first in repayment of the loan and, where the debentures were issued for the purposes of an area municipality, the balance, subject to section 106, shall be transferred to the area municipality. Hypothecation not to prevent subsequent sale of debentures (5) Subject to subsection (4), the redemption of a debenture hypothecated does not prevent the subsequent sale thereof. R.S.O. 1990, c. C.42, s. 92 (3-5). Signatures (6) The signature of the warden or any other person authorized to sign loan agreements may be printed, engraved, lithographed or otherwise mechanically reproduced. 1996, c. 32, s. 67 (15).