Advice to council
 32. (1) Before the City enters into a lease financing agreement, the council shall, (a)  have the 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 agreement, including, (i)  a comparison between the fixed and estimated costs and the risks associated with the proposed agreement 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 agreement, the ability for agreement payment amounts to vary, and the methods or calculations, including possible financing rate changes, that may be used to establish that variance under the agreement, (iii)  a statement summarizing any contingent payment obligations under the agreement that in the opinion of the treasurer would result in a material impact, including agreement termination provisions, equipment loss, equipment replacement options and guarantees and indemnities, (iv)  a summary of the assumptions applicable to any possible variations in the agreement 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 agreement; (c)  consider if the scope of the proposed transaction warrants obtaining legal advice or financial advice with respect to the proposed agreement that is from a source independent of the source of the advice mentioned in clause (b); and (d)  consider and give its assessment of the report prepared under clause (a), including whether, in its opinion, the costs of financing for the proposed agreement are lower than other methods of financing available to the City, and whether the risks associated with the proposed agreement are reasonable.  O. Reg. 610/06, s. 32 (1). (2) In a report made under subsection (1), the costs and risks associated with a proposed lease financing agreement shall be assessed as of the date the report is made. O. Reg. 79/16, s. 14. (3) At any time after a report under subsection (1) is made, but before the proposed lease financing agreement is entered into, if the treasurer becomes of the opinion that a changed circumstance with respect to the proposed agreement may result in a material impact, the treasurer shall as soon as is reasonably possible update the report and present the updated report to the council.  O. Reg. 610/06, s. 32 (3). (4) A report made under subsection (1) shall summarize the information required by that subsection for the entire term of the proposed lease financing agreement, including any possible extensions or renewals.  O. Reg. 610/06, s. 32 (4). (5) Despite this section, the City may enter into a lease financing agreement without complying with the requirements of subsection (1) if, (a)  the statement of policies and goals for lease financing agreements includes the category referred to in clause 31 (2) (b); and (b)  in the opinion of the treasurer and the council, the proposed agreement is within that category, and its costs and risks, in combination with all the other agreements of that category entered into or proposed to be entered into in that year by the City, would not result in a material impact for the City.  O. Reg. 610/06, s. 32 (5). (6) In this section, “costs” includes the costs of any advice obtained under clauses (1) (b) and (c).  O. Reg. 610/06, s. 32 (6).