PART IX FINANCE
School rate: certain circumstances
240 (1) Where, in a municipality, (a) a person is entered on the tax roll as an English-language public board supporter and there is no English-language public board to which school rates if levied in any year on the taxable property of the person in the municipality, may be paid; or (b) a designated ratepayer as defined in subsection 238 (1) is entered on the tax roll and there is no board to which school rates if levied in any year on the taxable property of the designated person in the municipality, may be paid, there shall be levied and collected annually on the taxable property of the person referred to in clause (a) or of the designated ratepayer referred to in clause (b), as the case may be, in the municipality the same rates as are prescribed under section 257.12.  1997, c. 31, s. 113 (1); 2002, c. 17, Sched. F, Table. Interpretation, taxable property (1.1) For the purposes of subsection (1), taxable property is property that is rateable property for the purposes of the Municipal Act, 2001. 2017, c. 10, Sched. 4, s. 3 (3). Reserve account (2) The money raised under subsection (1) shall be deposited in a reserve account for English-language public board purposes and may be invested in the securities prescribed under clause 241 (6) (b), subject to the rules prescribed by the regulations for the purposes of subsection 241 (1), and for the purpose “invest” and “securities” have the same meaning as in section 241.  1997, c. 31, s. 113 (1); 2009, c. 34, Sched. I, s. 8. Same (3) The earnings from the investments under subsection (2) shall form part of the reserve account.  1997, c. 31, s. 113 (1). Use of money in account (4) Subject to subsection (5), where, in a municipality referred to in subsection (1), a district school area board is organized and makes provision for the education of its resident pupils, the municipal council shall pay over to the board the money that is held by the municipality under this section, and the money, (a) shall be used for expenditures for permanent improvements for the purposes of the board that the board considers expedient; and (b) shall be used for any other purpose approved by the Minister, in the amounts and over the periods that are approved by the Minister.  1997, c. 31, s. 113 (1). Application in area of jurisdiction of a public district school board (5) Where a municipality referred to in subsection (1) becomes part of the area of jurisdiction of an English-language public district school board, the municipal council shall pay over to the English-language public district school board the money that is held by the municipality and the money shall be used as set out in clause (4) (b).  1997, c. 31, s. 113 (1). Subclass reductions (6) Section 313 of the Municipal Act, 2001 or section 278 of the City of Toronto Act, 2006, as the case may be, applies with necessary modifications with respect to the rates levied under this section.  1997, c. 31, s. 113 (1); 2002, c. 17, Sched. F, Table; 2006, c. 32, Sched. C, s. 15 (6). 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 (6) - 01/01/2007 2009, c. 34, Sched. I, s. 8 - 01/09/2010 2017, c. 10, Sched. 4, s. 3 (3) - 30/05/2017 Borrowing and Investment by Boards