9. (1) Before entering into a financing lease, the council of a municipality shall, (a) have its treasurer prepare a report with a recommendation, assessing, in the opinion of the treasurer, the costs and financial and other risks associated with the proposed financing lease, including, (i) a comparison between the fixed and estimated costs and the risks associated with the proposed lease and those associated with other methods of financing, (ii) a statement summarizing, as may be applicable, the effective rate or rates of financing for the lease, the ability for lease payment amounts to vary, and the methods or calculations, including possible financing rate changes, that may be used to establish that variance under the lease, (iii) a statement summarizing any contingent payment obligations under the lease that in the opinion of the treasurer would result in a material impact for the municipality, including lease termination provisions, equipment loss, equipment replacement options and guarantees and indemnities, (iv) a summary of the assumptions applicable to any possible variations in the lease payment and contingent payment obligations, and (v) any other matters the treasurer or council considers advisable; (b) obtain legal advice and financial advice with respect to the proposed financing lease; (c) consider if the scope of the proposed transaction warrants obtaining legal advice or financial advice with respect to the proposed financing lease that is from a source independent of the source of the advice mentioned in clause (b); (d) advise in writing the regional municipality of which it forms a part of the proposed financing lease before the lease is entered into, in the case of a lower-tier municipality; and (e) consider and give its assessment of the report prepared under clause (a), including whether, in its opinion, the costs of financing for the proposed financing lease are lower than other methods of financing available to the municipality, and whether the risks associated with the financing lease are reasonable. O. Reg. 266/02, s. 5. (2) The costs and risks associated with a proposed financing lease in a report made under subsection (1) shall be assessed as of the date the report is made. O. Reg. 266/02, s. 5. (3) At any time after a report under subsection (1) is made, but before the financing lease is entered into, if the treasurer becomes of the opinion that a changed circumstance with respect to the proposed lease may result in a material impact for the municipality, the treasurer shall as soon as is reasonably possible update the report and present the updated report to the council. O. Reg. 266/02, s. 5. (4) A report made under subsection (1) shall summarize the information required by that subsection for the entire term of the financing lease, including any possible extensions or renewals. O. Reg. 266/02, s. 5. (5) Despite this section, a municipality may enter into a financing lease without complying with the requirements of subsection (1) if, (a) the statement of lease financing policies and goals includes the category referred to in clause 8 (2) (b); and (b) in the opinion of the treasurer and the council, the proposed lease is within that category, and its costs and risks, in combination with all the others leases of that category entered into or proposed to be entered into in that year by the municipality, would not result in a material impact for the community. O. Reg. 266/02, s. 5. (6) In this section, “costs” includes the costs of any advice obtained under clause (1) (b) or (c). O. Reg. 266/02, s. 5.