PART IX FINANCE
Borrowing for permanent improvements
247 (1) Subject to any other provision of this Act and the regulations made under subsection 242 (1) and subsection (3) of this section, a district school board may by by-law borrow money or incur debt for permanent improvements and may issue or execute any instrument prescribed under clause (3) (f) in respect of the money borrowed or the debt incurred.  1997, c. 31, s. 113 (1); 2009, c. 25, s. 30 (1). Same, school authorities (2) Subject to any other provision of this Act and the regulations made under subsection 242 (1) and subsection (3) of this section, and subject to the prior approval of the Minister, a school authority may by by-law borrow money or incur debt for permanent improvements and may issue or execute any instrument prescribed under clause (3) (f) in respect of the money borrowed or the debt incurred.  1997, c. 31, s. 113 (1); 2009, c. 25, s. 30 (2). Regulations (3) The Lieutenant Governor in Council may make regulations, (a) governing the borrowing of money and the incurring of debt by a board for permanent improvements; (b) governing the issuance by a board of instruments prescribed under clause (f) in respect of money borrowed or debt incurred for permanent improvements; (c) governing any dealings by a board with instruments described in clause (b), including but not limited to regulations governing the redemption, surrender, exchange, substitution or offering as security of the instruments; (d) governing the establishment and operation of sinking funds, retirement funds and any other type of funds that may be prescribed by the regulations and providing for the investment or other application of money held in those funds; (e) prescribing types of funds for the purpose of clause (d); (f) prescribing instruments that may be issued or executed by a board in respect of money borrowed or debt incurred for permanent improvements; (g) prescribing the duties of treasurers or other officers of boards in connection with the matters addressed in this section; (h) providing that any provision of, or made under, the Municipal Act, 2001 or the City of Toronto Act, 2006, as the case may be, relating to borrowing or debentures applies, with any modifications specified in the regulations, in relation to borrowing by a board under this section.  1997, c. 31, s. 113 (1); 2002, c. 17, Sched. F, Table; 2006, c. 32, Sched. C, s. 15 (8); 2009, c. 25, s. 30 (3-6). Same (3.1) Without limiting the generality of clause (3) (a), in making regulations under that clause, the Lieutenant Governor in Council may delegate specified responsibilities related to the borrowing of money and the incurring of debt by the Board for permanent improvements to the Minister or any other body the Lieutenant Governor in Council considers appropriate for those purposes.  2009, c. 25, s. 30 (7). General or particular (4) A regulation under subsection (3) may be general or particular and may be made to apply to any class of board and for the purpose a class may be defined with respect to any attribute and may be defined to consist of or to exclude any specified member of the class, whether or not with the same attributes.  1997, c. 31, s. 113 (1). Payments re debt instruments (5) Subject to the regulations, if under subsection (1) or (2) a board issues a debt instrument prescribed under clause (3) (f), the board shall, (a) on or before each due date in each year, pay the principal and interest coming due on the debt instrument in the year; and (b) where a sinking fund, retirement fund or other fund prescribed under clause (3) (e) has been established in respect of the debt instrument, on or before the anniversary in each year of the issue date of the debt instrument, pay the amount required to be paid into the sinking fund, retirement fund or such prescribed fund in respect of the debt instrument in the year.  2010, c. 26, Sched. 5, s. 3. Exception (6) Despite clauses (5) (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 debt instrument to the extent that one or more refinancing debt instruments are issued by the board to repay the outstanding principal.  2009, c. 25, s. 30 (8). All debt instruments rank equally (7) Despite any other provision of this or any other Act or any differences in date of issue or maturity, every debt instrument prescribed under clause (3) (f) issued by a board shall rank concurrently and equally in respect of payment of principal and interest with all other debt instruments issued by the board, except as to the availability of any sinking fund, retirement fund or other fund prescribed under clause (3) (e) applicable to any issue of debt instruments.  2009, c. 25, s. 30 (8). Registration (8) Subsections 415 (1), (2), (3), (4), (5) and (7) of the Municipal Act, 2001 or any equivalent provisions of, or made under, the City of Toronto Act, 2006, as the case may be, apply with necessary modifications to a by-law of a board authorizing the issue of debt instruments prescribed under clause (3) (f) that is passed under subsection (1) or (2) of this section, but nothing in this subsection makes valid a by-law if it appears on the face of the by-law that it does not substantially comply with a provision of a regulation under subsection (3) that specifies the maximum term within which a debt instrument prescribed under clause (3) (f) may be made payable.  2009, c. 25, s. 30 (8). Certain rights and duties continued (9) Subject to subsection (10), the rights and duties of, (a) a treasurer or a clerk-treasurer of a county or municipality; (b) a treasurer of an old board; (c) the council of a municipality; (d) a school authority; or (e) an old board, under subsections 234 (3) to (6) of this Act, as those provisions read immediately before subsection 113 (1) of the Education Quality Improvement Act, 1997 came into force, continue with respect to debentures to which those subsections applied.  1997, c. 31, s. 113 (1). Same (10) The rights and duties described in subsection (9) of an old board or the treasurer of an old board are, respectively, the rights and duties of the district school board or treasurer of the district school board that is obliged to make payments in respect of the debenture as a result of a regulation made under clause 58.1 (2) (p) as it read immediately before it was repealed by subsection 8 (4) of the Student Achievement and School Board Governance Act, 2009 or as a result of an order made under such a regulation.  1997, c. 31, s. 113 (1); 2009, c. 25, s. 30 (9). Transition (11) Despite subsection (3) and subsection 242.1 (1), subsections (1) and (2) do not authorize the issuance of debentures for the purpose of repaying, refunding or refinancing any debentures that were issued before the day the Student Achievement and School Board Governance Act, 2009 received Royal Assent.  2009, c. 25, s. 30 (10). 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 (8, 9) - 01/01/2007 2009, c. 25, s. 30 (1-9)
- 15/12/2009 2010, c. 26, Sched. 5, s. 3 - 08/12/2010