PART IX FINANCE
Borrowing powers of Roman Catholic boards
257.28 (1) A Roman Catholic board may pass by-laws for borrowing money, by mortgages or other instruments, on the security of the schoolhouse property and premises and any other real or personal property vested in the board and on the security of the board’s rates imposed under this Division, for the purpose of paying the cost of school sites, school buildings or additions or repairs to them, or for any other board purposes.  1997, c. 31, s. 113 (3). Terms of payment (2) The principal money may be made payable in annual or other instalments, with or without interest, and the board, in addition to all other rates or money that it may levy in any one year, may levy and collect in each year such further sum as may be required for paying all principal and interest falling due in that year, and the same shall be levied and collected in each year in the same manner and from the like persons and property by, from, on or out of which other separate school rates may be levied and collected.  1997, c. 31, s. 113 (3). (3), (4) Repealed:  2009, c. 25, s. 35 (1). Maturity (5) The debt to be so incurred may be made payable in 30 years at the furthest, and in equal annual instalments of principal and interest, or in any other manner authorized by the regulations made under subsection 247 (3).  1997, c. 31, s. 113 (3); 2009, c. 25, s. 35 (2). Sinking fund (6) Where the debt is not payable by instalments, the board shall levy in each year during the currency of the debt in addition to the amount required to pay the interest falling due in that year a sum such that the aggregate amount so levied during the currency of the debt, with the estimated interest on the investments of the aggregate amount, will be sufficient to discharge the debt when it becomes payable.  1997, c. 31, s. 113 (3). Investment of fund (7) The sum referred to in subsection (6) shall be deposited into a fund established under clause 247 (3) (d) and, subject to the other provisions of this section, a regulation made under clause 247 (3) (d), (g) or (h) applies with necessary modifications to the application of the money in the fund.  1997, c. 31, s. 113 (3). Publication of notice of by-law (8) Before a by-law for borrowing money for a permanent improvement is acted on, notice of the passing of the by-law shall be given, (a) in a newspaper having general circulation within the separate school zone for three consecutive weeks; and (b) on the board’s website for three consecutive weeks or, if the board does not have a website, in another manner that the board considers appropriate. 2016, c. 5, Sched. 8, s. 4. Contents of notice (8.1) The notice of the passing of the by-law shall state, (a) the purpose for which the money is to be borrowed; (b) the amount to be borrowed and the security for the amount; and (c) the terms of repayment including the rate of interest. 2016, c. 5, Sched. 8, s. 4. If no application to quash (8.2) If no application to quash the by-law is made for three months after publication of notice of the passing of the by-law, the by-law is valid despite any want of substance or form in the by-law or in the time or manner of passing the by-law. 2016, c. 5, Sched. 8, s. 4. Non-application of s. 242 (9) Section 242 does not apply in relation to borrowing under this section.  1997, c. 31, s. 113 (3). Section Amendments with date in force (d/m/y) 1997, c. 31, s. 113 (3) - 01/01/1998 2009, c. 25, s. 35 (1, 2)
- 15/12/2009 2016, c. 5, Sched. 8, s. 4 - 19/04/2016