PART IX FINANCE
Payments re certain debentures
245 (1) In this section, section 246 and subsection 247 (5), “debenture”, in the case of a Roman Catholic board or of an old board that operated Roman Catholic schools, includes a mortgage; (“débenture”) “general revenue” means, in respect of a board, (a) the amounts levied for school purposes that a board receives under Division B, and (b) the legislative grants received by the board that are made under subsection 234 (1); (“recettes générales”) “municipality” includes an upper-tier municipality and Metro within the meaning of the City of Toronto Act, 1997 (No. 2) as it read the day before its repeal by the Stronger City of Toronto for a Stronger Ontario Act, 2006. (“municipalité”)  1997, c. 31, s. 113 (1); 2002, c. 17, Sched. F, Table; 2006, c. 32, Sched. C, s. 15 (7). Payments re debentures issued by school authorities, old boards (2) During the currency of a debenture issued by a school authority or an old board before this section comes into force, the school authority that issued the debenture or a board that assumed the obligation for a debenture issued by an old board shall, (a) provide in its estimates for each fiscal year for setting aside out of its general revenue in the fiscal year the amount necessary to pay the principal and interest coming due on the debenture in the fiscal year and to pay the amount required to be paid into a sinking fund or retirement fund in respect of the debenture in the fiscal year; (b) on or before each due date in each year, pay out of its general revenue the principal and interest coming due on the debenture in the year; and (c) where a sinking fund or retirement fund has been established in respect of a debenture, on or before the anniversary in each year of the issue date of the debenture, pay out of its general revenue the amount required to be paid into the sinking fund or retirement fund in respect of the debenture in the year.  1997, c. 31, s. 113 (1). Payments re debentures issued by municipality for school authority, old board (3) During the currency of a debenture issued by a municipality before this section comes into force to raise money for a school authority or an old board, the school authority for which the debenture was issued or the board that assumed the obligation to the municipality for the debenture shall, (a) provide in its estimates for each fiscal year for setting aside out of its general revenue in the fiscal year the amount necessary to pay to the municipality the amount of the principal and interest coming due on the debenture in the fiscal year and to pay the amount required to be paid by the municipality into a sinking fund or retirement fund in respect of the debenture in the fiscal year; (b) on or before each due date in each year, pay out of its general revenue to the municipality the principal and interest coming due on the debenture in the year; and (c) where a sinking fund or retirement fund has been established by the municipality in respect of a debenture, on or before each due date in each year, pay out of its general revenue to the municipality the amount required to be paid into the sinking fund or retirement fund by the municipality in respect of the debenture in the year.  1997, c. 31, s. 113 (1). Same (4) For the purposes of subsection (3), the due dates are those specified in the applicable notice given by the treasurer of the municipality to the treasurer of the board.  1997, c. 31, s. 113 (1). Exception (5) Despite clauses (2) (a) and (b) and (3) (a) and (b), the principal and interest that must be paid in a year under those clauses does not include any outstanding amount of principal specified as payable on the maturity date of a debenture to the extent that one or more refinancing debentures are issued by the school authority, board or municipality referred to in subsection (2) or (3) to repay the outstanding principal.  1997, c. 31, s. 113 (1). Section Amendments with date in force (d/m/y) 1997, c. 31, s. 113 (1) - 01/01/1998 2002, c. 17, Sched. F, Table - 01/01/2003 2006, c. 32, Sched. C, s. 15 (7) - 01/01/2007