jswizzle3737/ontario_laws_and_regs huggingface dataset:
1. A board that, under subsection 247 (1) or (2) of the Act, borrows money or incurs a debt for permanent improvements or issues debentures for the money borrowed or the debt incurred shall do so only in accordance with this Regulation. O. Reg. 466/97, s. 1.
2. (1) A board may pass a money by-law for the issuing of debentures. (2) Subsections 140 (1) and (2) of the Municipal Act apply to the money by-law. O. Reg. 466/97, s. 2.
3. (1) A board may by by-law authorize, (a) the borrowing of money by the issuance of instalment debentures that comply with subsection (2); and (b) the issuance of debentures to refund at maturity outstanding debentures of the board in accordance with subsection (3). (2) The last instalment of an instalment debenture shall mature no earlier than five years after the date upon which the debenture was issued and the debenture shall specify the sum of principal payable under the debenture in the final year that the board shall raise by issuing refunding debentures under clause (1) (b). (3) A refunding debenture mentioned in clause (1) (b) shall be payable within the maximum period of years that the board authorized by by-law for the repayment of the debt for which it issued debentures, commencing on the date it issued the original debentures. (4) A by-law passed under subsection (1) shall provide that the sums of principal and interest payable on the debentures issued under the by-law shall be provided for in accordance with subsections 247 (5) and (6) of the Act. O. Reg. 466/97, s. 3.
4. (1) Subject to subsections (2) to (7), the following provisions of the Municipal Act apply to money by-laws passed and debentures issued under this Regulation: 1. Subsections 140 (5) to (10), (12), (13) and (15) to (18). 2. Subsections 141 (1), (2), (3), (5) to (8), (10) and (11). 3. Sections 142 and 143. 4. Subsections 144 (1), (2.1), (2.2) and (3) to (9). 5. Subsections 145 (1) and (3). 6. Subsection 150 (1). 7. Sections 151 and 152. 8. Sections 169, 170, 171, 172, 174 and 175. 9. Subsection 176 (2). 10. Section 177. 11. Sections 179, 180, 181.1 and 182. 12. Subsections 185 (1) and (2). 13. Sections 186 and 188. (2) In the provisions mentioned in subsection (1), (a) references to a council, corporation, municipality, municipal corporation or council of a city shall be deemed to be references to the board that issued the debentures; and (b) references to the treasurer of a municipality shall be deemed to be references to the treasurer of the board that issued the debentures. (3) In subsection 141 (5) of the Municipal Act, the reference to a retirement fund referred to in clause 141 (4) (b) of that Act shall be deemed to be a reference to the retirement fund mentioned in clause 5 (1) (b) of this Regulation. (4) In subsection 144 (3) of the Municipal Act, the reference to clause 144 (2) (b) of that Act shall be deemed to be a reference to clause 6 (1) (b) of this Regulation. (5) In subsection 144 (5) of the Municipal Act, the reference to section 167 of that Act shall be deemed to be a reference to section 241 of the Education Act. (6) In subsections 144 (7) and (8) of the Municipal Act, references to the 31st day of December shall be deemed to be references to August 31. (7) In subsection 176 (2) of the Municipal Act, the reference to subsection 176 (1) of that Act shall be deemed to be a reference to section 10 of this Regulation. (8) In section 177 of the Municipal Act, the reference to levying the amount required to be raised for a sinking fund shall be deemed to be a reference to setting aside the amount required to be set aside for a sinking fund. O. Reg. 466/97, s. 4.
5. (1) A by-law passed with respect to extendible or retractable term debentures shall provide for the setting aside in each year of the currency of the debentures of, (a) an amount sufficient to pay the interest payable on the debentures in that year; and (b) a specified amount to form a retirement fund. (2) The specified amount for the retirement fund shall be equal to or greater than the amount that would have been required to have been set aside and paid in each year in respect of the principal amount of the debentures if, (a) the principal had been payable in equal annual instalments; and (b) the board had issued the debentures for the maximum period that it authorized by by-law for the repayment of the debt for which it issued the debentures, commencing on the date of the debentures. (3) A by-law mentioned in subsection (1) shall provide that the amounts payable under that subsection shall be set aside and paid in accordance with subsections 247 (5) and (6) of the Act. O. Reg. 466/97, s. 5.
6. (1) A money by-law for the issuing of sinking fund debentures shall provide for the setting aside in each year of the currency of the debentures of, (a) an amount sufficient to pay the interest payable on the debentures in that year; and (b) a specified amount for the sinking fund that, with interest at a rate not to exceed 8 per cent per annum compounded yearly, will be sufficient to pay the principal of the debentures at maturity. (2) A by-law mentioned in subsection (1) shall provide that the amounts payable under that subsection shall be set aside and paid in accordance with subsections 247 (5) and (6) of the Act. (3) The principal and interest payable under refinancing debentures issued under subsection 144 (2.1) of the Municipal Act shall be raised in accordance with subsections (1) and (2) of this section. O. Reg. 466/97, s. 6.
7. (1) A money by-law for the issuing of term debentures shall provide for, (a) the setting aside, in each year of the currency of the debentures, of an amount sufficient to pay the interest payable on the debentures; and (b) the setting aside, in each year of the currency of the debentures in which no other debentures issued under the same by-law become due and payable, of a specified amount to form a retirement fund for the debentures that, with interest at a rate not to exceed 8 per cent per annum compounded yearly, will be sufficient to pay the principal of the debentures at maturity. (2) A by-law mentioned in subsection (1) shall provide that the amounts payable under that subsection shall be set aside and paid in accordance with subsections 247 (5) and (6) of the Act. O. Reg. 466/97, s. 7.
8. The repealing by-law mentioned in subsection 150 (1) of the Municipal Act shall recite the facts on which it is founded and shall be appointed to take effect on August 31 in the fiscal year of its passing. O. Reg. 466/97, s. 8.
9. (1) Subject to subsections (5) and (6), a board that receives money from the sale or hypothecation of debentures shall ensure that the money, (a) is kept in a separate account; (b) is used only for the purposes for which the board issued the debentures; and (c) is not applied towards payment of the current or other expenditures of the board. (2) Despite subsection (1) and section 175 of the Municipal Act, a board that receives money from the sale of debentures that is not required immediately for the purpose or purposes for which the board issued the debentures may invest the money in the general fund of the board. (3) The board shall ensure that, (a) the part of the money invested that is described in subsection (4) is returned to the debenture account no later than August 31 of the fiscal year in which the board invested the money; and (b) interest is credited to the debenture account on the money invested, at a rate equal to the rate currently applicable to the temporary borrowings of the board. (4) The part of the money invested to which clause (3) (a) applies is the lesser of the whole of the money invested and the amount sufficient to pay, (a) the interest and principal payable on the debentures that become due and payable during the fiscal year following the fiscal year in which the board invested the money; and (b) the amounts required to be paid, during the fiscal year following the fiscal year in which the board invested the money, into a sinking fund or retirement fund established in respect of the debentures mentioned in clause (a). (5) Subject to subsection (6), if the amount realized from the debentures is in excess of that required for the purpose or purposes for which the board issued the debentures, the board shall ensure that the excess amount is applied as follows: 1. If the amount is sufficient to redeem one or more debentures of the latest maturity, it shall be applied for that purpose if any of those debentures are redeemable. 2. If none of the debentures mentioned in paragraph 1 are redeemable or if the amount is not sufficient to redeem a debenture or if a balance remains after redemption as required by paragraph 1, the amount or the balance, as the case may be, shall be applied on the annual payments of principal and interest on the debentures until the amount or the balance, as the case may be, has all been so applied, and the amounts to be set aside and paid for that purpose shall be reduced accordingly. (6) If the whole or any part of the amount realized from the sale or hypothecation of any debentures is not required for the purpose or purposes for which the debentures were issued, it may be applied to buy back the debentures or may be applied to meet the whole or a portion of any other capital expenditure of the board. (7) If real or personal property acquired with all or part of the proceeds of the sale of debentures is sold while any part of the debentures remains outstanding, the net proceeds of the sale, to the extent of the amount of principal and interest then outstanding on the debentures, shall be applied in accordance with subsections (5) and (6). O. Reg. 466/97, s. 9.
10. The treasurer of a board in respect of which a sum is required by law to be set aside for a sinking fund shall prepare and lay before the board in every year, before the board adopts the estimates, a statement showing what amount will be required for that purpose. O. Reg. 466/97, s. 10.
11. If a deficit is sustained on the sale of all or part of an issuance of debentures of a board and all or part of the amount of the deficit is required for the purposes for which the board issued the debentures, the board shall ensure that, (a) the amount required is added to the sum to be raised in the first year for the payment of principal and interest on the debentures and the amount to be set aside in the first year is increased accordingly; or (b) the amount required is raised by the issuance of other debentures for the same or similar purpose. O. Reg. 466/97, s. 11.
12. (1) A board may by by-law borrow money for permanent improvements by way of a loan with an initial maturity of more than one year, from, (a) a bank; (b) a trust company; (c) a credit union within the meaning of the Credit Unions and Caisses Populaires Act, 1994; or (d) the Ontario Financing Authority. O. Reg. 462/06, s. 1. (2) A board that obtains a loan described in subsection (1) shall ensure that the proceeds of it are used for permanent improvements. O. Reg. 462/06, s. 1. (3) Despite the lifetime of a permanent improvement for which a loan described in clause (1) (d) is made, the loan shall be payable over a term not exceeding 25 years. O. Reg. 462/06, s. 1; O. Reg. 418/08, s. 1.
13. A reference in this Regulation to the Municipal Act is a reference to that Act as it read on December 31, 2002. O. Reg. 29/03, s. 1. Français