Provisions in by-laws for debentures and revenue bonds
 10. (1) The City may provide in a debenture by-law, (a)  that all or a portion of the debentures are sinking fund debentures which have the principal payable on a fixed date; (b)  that a portion of the debentures are term debentures which have, (i)  the principal payable on a fixed date, and (ii)  a retirement fund for the repayment of the principal which does not require payment into it to begin until after the principal of the other debentures issued under the by-law becomes payable; or (c)  that a retirement fund be established for the repayment of the principal amount of a class or classes of its debentures other than sinking fund or term debentures.  O. Reg. 610/06, s. 10 (1); O. Reg. 79/16, s. 5 (1). (2) The City may provide in a revenue bond by-law, (a)  that all or a portion of the revenue bonds are sinking fund bonds which have the principal payable on a fixed date; (b)  that a portion of the revenue bonds are term bonds which have, (i)  the principal payable on a fixed date, and (ii)  a retirement fund for the repayment of the principal which does not require payment into it to begin until after the principal of the other bonds issued under the by-law becomes payable; or (c)  that a retirement fund be established for the repayment of the principal amount of a class or classes of its revenue bonds other than sinking fund or term bonds.  O. Reg. 610/06, s. 10 (2); O. Reg. 79/16, s. 5 (1). (3) A by-law passed under this section shall provide for the following amounts: 1.  In respect of a sinking fund by-law, an estimated amount in each year for the sinking fund which, with interest compounded annually, will be sufficient to pay the principal of the debentures or revenue bonds at maturity. 2.  In respect of a term debenture or revenue bond by-law, in each year that a payment is made into the retirement fund, an estimated amount in each year for the retirement fund which, with interest compounded annually, will be sufficient to pay the principal of the debentures or bonds at maturity. 3.  In respect of a retirement fund by-law for a class of debentures or revenue bonds other than a sinking fund or term debenture or revenue bond, in each year an amount equal to or greater than the amount that would have been required for the repayment of the principal of the debentures or bonds in that year if the principal had been payable in equal annual instalments and the debentures or bonds had been issued for the maximum period authorized by the City for the repayment of the debt for which the debentures or bonds were issued.  O. Reg. 610/06, s. 10 (3). (4) An amount required to be provided in a year under subsection (3) shall be deemed to be an amount of principal payable in the year for the purposes of clause 7 (1) (a) or (2) (a), as the case may be.  O. Reg. 610/06, s. 10 (4); O. Reg. 79/16, s. 5 (2). (5) Despite clauses 7 (1) (b) and (2) (b), a by-law under subsection (1) or (2) is not required to provide for repayment of the principal in annual instalments.  O. Reg. 610/06, s. 10 (5). (6) On or before December 31 in each year, the city auditor shall certify the balance in each sinking and retirement fund of the City for the year.  O. Reg. 610/06, s. 10 (6). (7) If the balance certified is less than the amount required in the year for the repayment of the sinking or retirement fund debentures or revenue bonds for which the fund was established, the City shall pay an amount sufficient to make up the deficiency into the sinking or retirement fund.  O. Reg. 610/06, s. 10 (7). 11. Revoked: O. Reg. 360/15, s. 1.