26 (1) For the purpose of computing a borrowing limit under this or any other Act, the amount borrowed or raised by way of loan or by the issue and sale of securities is the amount expressed in Canadian dollars determined in accordance with subsections (2), (3) and (4) in cases to which they apply and, in all other cases, is the principal amount in Canadian dollars that is to be paid by Ontario on the maturity date of the loan or security.  1991, c. 55, s. 12; 1996, c. 24, s. 38 (1). Loans in foreign currency (2) If, under the authority of this or any other Act, money is borrowed or securities are issued and sold in a currency other than Canadian dollars, the amount borrowed or the amount for which the securities were sold is deemed, in Canadian dollars, to be the amount that would be realized by converting to Canadian dollars the amount of the loan or the amount received by Ontario on the sale of the securities, before any deduction for commission, expenses or other similar costs of their issue and sale, at the following rate: 1. If, on the date on which the agreement to borrow the money or sell the securities is entered into, the Bank of Canada provides a Canadian dollar spot exchange rate for that currency, the currency conversion is calculated at that rate. 2. If paragraph 1 does not apply, and subject to subsection (5), the currency conversion is calculated at the Canadian dollar spot exchange rate for that currency as provided by the Bank of Canada for the date that is before, and is as close as possible to, the date described in paragraph 1. 2015, c. 20, Sched. 11, s. 11 (1); 2016, c. 37, Sched. 7, s. 2 (1). Securities sold at a discount or premium (3) If, under the authority of this Act, a security is issued and sold for an amount payable to Ontario before deduction for commission, expenses or similar costs of issue and sale that is not the amount of principal stated in the security to be payable on its maturity, the amount for which the security was sold by Ontario shall be deemed to be the amount received by Ontario for the sale before deduction for commission, expenses or similar costs of issue and sale, converted to Canadian dollars, where applicable, in accordance with subsection (2).  1991, c. 55, s. 12. Foreign currency securities refinanced under section 21 (4) For the purpose of specifying in Canadian dollars the maximum aggregate amount of money in an order under paragraph 1 of section 21, the Minister of Finance may approve a method for calculating the conversion into Canadian dollars of the amount necessary for the payment, renewal, repayment or replacement of all or part of a loan or security denominated in a currency other than Canadian dollars. 2016, c. 37, Sched. 7, s. 2 (2). Bank of Canada rate not available (5) If, in respect of a foreign currency to be converted to Canadian dollars in accordance with subsection (2), the Bank of Canada has not quoted a Canadian dollar spot exchange rate in the 10 days preceding the date described in paragraph 1 of subsection (2), the conversion shall be at the Canadian dollar exchange rate for that currency quoted on a day and by a financial service or financial institution acceptable to the Minister of Finance. 2016, c. 37, Sched. 7, s. 2 (2). Section Amendments with date in force (d/m/y) 1991, c. 55, s. 12 - 19/12/1991; 1996, c. 24, s. 38 (1-3) - 31/10/1996; 1996, c. 29, s. 4 (1) - 31/10/1996 2015, c. 20, Sched. 11, s. 11 (1-3) - 4/06/2015 2016, c. 37, Sched. 7, s. 2 (1, 2) - 08/12/2016