16. (1) A board shall, under section 257.82 of the Act, establish an education development charge account for the area to which an education development charge by-law applies.  O. Reg. 20/98, s. 16 (1); O. Reg. 366/10, s. 4 (1). (2) Money from an education development charge account established under subsection (1) may be used only, (a)  for growth-related net education land costs attributed to or resulting from development in the area to which the education development charge by-law applies; (a.1)  for alternative projects for which the allocation of revenue raised by education development charges has been approved by the Minister under section 257.53.1 of the Act; (b)  as provided for under subsection 241 (1) or section 257.99 of the Act; (c)  Revoked: O. Reg. 371/19, s. 9 (2). (d)  to pay the service charges of a financial institution relating to the account; or (e)  if an education development charge has been paid but the building permit for the development is revoked, to refund the education development charge plus interest at a rate not exceeding the rate prescribed under section 18.  O. Reg. 20/98, s. 16 (2); O. Reg. 473/98, s. 1; O. Reg. 95/02, s. 7; O. Reg. 366/10, s. 4 (2, 3); O. Reg. 162/11, s. 1; O. Reg. 371/19, s. 9.

16.1 (1)  If paragraph 4 of section 6.1 of Ontario Regulation 193/10 (Restricted Purpose Revenues) made under the Act applies to the proceeds of a sale, lease or other disposition of real property by a board, the board shall establish an education development charge account.  O. Reg. 366/10, s. 5 (1). (2) Money from an education development charge account established under subsection (1) may be used only to fund costs that meet all of the following criteria: 1.  The costs are education land costs. 2.  The costs are growth-related net education capital costs. 3.  The costs are incurred for the purpose of acquiring land or an interest in land in the region prescribed under clause 257.101 (d) of the Act in which the real property referred to in subsection (1) is located.  O. Reg. 473/98, s. 2; O. Reg. 136/00, s. 2; O. Reg. 366/10, s. 5 (2). Expiry of By-laws — Special Rule

17. (1) This section governs the expiry of an education development charge by-law of a board (the “new by-law”) if, when the new by-law is passed, an education development charge by-law of another board (an “existing overlapping by-law”) applies to any part of the area to which the new by-law applies.  O. Reg. 20/98, s. 17 (1). (2) The new by-law expires on the earliest of the expiry dates of the existing overlapping by-laws, as they read on the day the new by-law is passed.  O. Reg. 20/98, s. 17 (2). (3) For greater certainty, a by-law continued under section 257.103 of the Act is not an existing overlapping by-law.  O. Reg. 20/98, s. 17 (3). Interest

18. (1) The interest rate that shall be paid under subsections 257.69 (3) and 257.90 (2) of the Act and the minimum interest rate that boards shall pay under section 257.99 of the Act is the lowest prime rate reported to the Bank of Canada by any of the banks listed in Schedule I to the Bank Act (Canada) at the beginning of the period for which interest is to be paid.  O. Reg. 20/98, s. 18. (2) Despite subsection (1), (a)  the prescribed interest rate for periods after this subsection comes into force for the purposes of subsections 257.69 (3) and 257.90 (2) of the Act, in respect of refunds in connection with an education development charge by-law, is the rate of interest determined under subsection (3); and (b)  the minimum interest rate that a board shall pay for the purposes of section 257.99 of the Act in respect of an amount borrowed from an education development charge account established in connection with an education development charge by-law that is made after the day this subsection comes into force is the rate of interest determined under subsection (3).  O. Reg. 95/02, s. 8; O. Reg. 366/10, s. 6. (3) For the purposes of subsection (2), the rate of interest in respect of amounts payable in connection with an education development charge by-law is, (a)  the Bank of Canada rate on the day the by-law comes into force; or (b)  the Bank of Canada rate on the day the by-law comes into force, as adjusted to the current Bank of Canada rate on the first day of every following January, April, July and October, if the by-law authorizes the adjustments.  O. Reg. 95/02, s. 8. Regions

19. (1) The area of the jurisdiction of a board is divided into regions for the purposes of section 257.57 of the Act in accordance with the following: 1.  The part of the jurisdiction that is in the area described in an item of the Schedule to this Regulation is a region. 2.  The part of the jurisdiction that is not in any area described in an item of the Schedule to this Regulation is a region.  O. Reg. 20/98, s. 19 (1). (2) A reference in the Schedule to an upper-tier municipality or to a local municipality shall be read as a reference to the geographic area that is under the jurisdiction of the municipality on January 1, 2002, unless otherwise stated in the Schedule.  O. Reg. 95/02, s. 9. (3) In this section and the Schedule, “local municipality” means a single-tier municipality or a lower-tier municipality; (“municipalité locale”). “upper-tier municipality” means a municipality of which two or more lower-tier municipalities form part for municipal purposes. (“municipalité de palier supérieur”)  O. Reg. 95/02, s. 9. (4) In subsection (3), “lower-tier municipality” means a municipality that forms part of an upper-tier municipality for municipal purposes; (“municipalité de palier inférieur”) “municipality” means a geographic area whose inhabitants are incorporated; (“municipalité”) “single-tier municipality” means a municipality, other than an upper-tier municipality, that does not form part of an upper-tier municipality for municipal purposes. (“municipalité à palier unique”)  O. Reg. 95/02, s. 9. Monthly Reports