jswizzle3737/ontario_laws_and_regs huggingface dataset:
1. In this Regulation, “Canadian currency debenture” means a debt obligation of the municipality that is expressed and payable as to principal and interest in Canadian dollars; “financial agreement” means any interest rate or foreign currency agreement; “foreign currency debenture” means any debt obligation that is expressed and payable as to principal, interest or both in a currency other than dollars of Canada. O. Reg. 640/93, s. 1.
2. For the purposes of sections 146 and 167.2 of the Act and this Regulation, all municipalities, including a regional, metropolitan and district municipality and the County of Oxford, are prescribed muncipalities. O. Reg. 640/93, s. 2.
3. Foreign currency debentures may be issued in the following currencies: 1. Yen of Japan 2. Marks of Germany 3. Francs of Switzerland 4. Francs of France 5. Dollars of the United States of America 6. Sterling money of Great Britain. O. Reg. 640/93, s. 3.
4. (1) A municipality that issues a foreign currency debenture shall at a time as close as possible to the time of issue enter into one or more financial agreements based on the entire principal and interest payable under the foreign currency debenture. (2) A municipality that issued a foreign currency debenture before the coming into force of this Regulation may enter into one or more financial agreements based on the outstanding principal and interest payable under the foreign currency debenture. (3) A municipality entering into a financial agreement under sub-section (1) or (2) may exchange fixed or fluctuating interest payments or other currencies with those of Canada. (4) The amount payable by a municipality under an agreement under subsection (1) or (2) shall be expressed in terms of a specific amount and not in terms of an amount to be determined in the future. (5) Despite subsection (4), the amount need not be expressed in a specific amount for a period of up to six months from the date of the agreement. (6) The amount payable by the municipality under an agreement under subsection (1) or (2) shall be expressed and payable in dollars of Canada. (7) Despite subsection (6), the amount payable by a municipality under such agreements may be expressed and payable in dollars of the United States of America for a period of up to six months from the date of the agreement. (8) A municipality may enter into one or more financial agreements based on a Canadian currency debenture of the municipality. (9) A municipality entering into a financial agreement under subsection (8) may exchange fixed or fluctuating interest payments that are expressed and payable in Canadian dollars. O. Reg. 640/93, s. 4 (1-9). (10) A municipality may enter into a financial agreement with any person if, on the day the financial agreement is entered into, (a) the person has a rating with respect to any of the person’s long-term debt, (i) by Standard & Poor’s Corp. of New York as “AA1-1” or higher, (ii) by Moody’s Investor’s Service, Inc. of New York as “Aa3” or higher, (iii) by Canadian Bond Rating Service Inc. of Montreal as “AA1-1” or higher, or (iv) by the Dominion Bond Rating Service Limited of Toronto as “AA(Low)” or higher; and (b) the rating is with respect to long-term debt that is not subordinated to any other debt of any person or secured or guaranteed. (10.1) A municipality may enter into a financial agreement with any person whose obligations under the agreement are unconditionally guaranteed by another person if all of the long-term debts of the latter person comply with the conditions described in subsection (10). (10.2) In subsections (10) and (10.1), “person” includes a firm or partnership within the meaning of the Partnerships Act. O. Reg. 933/93, s. 1. (11) This section does not authorize a municipality to issue a Canadian currency debenture or a foreign currency debenture with interest payable at a fluctuating rate. O. Reg. 640/93, s. 4. (11).
5. A municipality may exercise the powers under paragraphs 1, 2, 3 and 4 of section 3 and under section 4 only if on the day the financial agreement is entered into its current long-term debt obligations are rated, (a) by Standard and Poor’s Corp. of New York as “AA1-1” or higher, (b) by Moody’s Investors Service Inc. of New York as “Aa3” or higher, (c) by Canadian Bond Rating Service Inc. of Montreal as “AA1-1” or higher, or (d) by the Dominion Bond Rating Service Limited of Toronto as “AA(Low)” or higher. O. Reg. 640/93, s. 5; O. Reg. 933/93, s. 2.
6. The treasurer of the municipality shall prepare and present to the municipal council once every three months, or more frequently if the municipal council so desires, a detailed report on all financial agreements and foreign currency debentures of the municipality. O. Reg. 640/93, s. 6.