jswizzle3737/ontario_laws_and_regs huggingface dataset:
1. (1) The annual debt and financial obligation limit for municipalities shall be determined under this Regulation. (2) The Ministry shall annually determine the limit using the formula described in section 3 based on the financial information supplied to the Ministry by each municipality under the Act and under the Municipal Affairs Act. (3) The Ministry shall inform the treasurer of the municipality in writing of the limit. O. Reg. 799/94, s. 1.
2. A municipality shall use the most recent limit provided to it by the Ministry to determine whether Ontario Municipal Board approval is required in respect of the following categories of debt or financial obligation: 1. Long-term debt assumed by a municipality for which repayment will be required beyond the term for which the council was elected. 2. Other financial commitments, liabilities and contractual obligations, for which payment may or will be required beyond the term for which the council was elected, including, without being limited to, i. lease agreements, ii. financial commitments to hospitals and universities. O. Reg. 799/94, s. 2; O. Reg. 267/02, s. 1.
3. The Ministry shall determine the debt and financial obligation limit of a municipality as follows: 1. Calculate the revenue fund revenues for a past fiscal year, excluding amounts received in the year, i. as grants from the Government of Ontario or Canada or from another municipality, ii. as proceeds from the sale of real property, iii. as a contribution or transfer from a reserve, reserve fund or capital fund, iv. under agreement with the Government of Ontario, for the purpose of repaying the principal and interest of long-term debt or meeting financial obligations of the municipality, v. from another municipality or a school board for the repayment of the principal and interest of long-term debt of the municipality borrowed for the exclusive purposes of the other municipality or school board, vi. as revenues from electrical, telephone and gas service, vii. as revenues for the purpose of repaying the principal and interest of debt under the Tile Drainage Act or the Shoreline Property Assistance Act, and viii. as revenues for the purpose of repaying the principal and interest of debt with respect to the downtown revitalization loan program. 2. Multiply the amount obtained in paragraph 1 by 25 per cent. 3. Subtract from the amount obtained in paragraph 2 the total payments in the fiscal year related to the long-term debt of the municipality less, i. the payments in that year for long-term debt or financial obligations for which the Government of Ontario has agreed to provide to the municipality the amounts required by the municipality to repay the principal and interest of the debt or to meet the financial obligations, ii. payments in that year from another municipality or a school board for the repayment of the principal and interest of long-term debt of the municipality borrowed for the exclusive purposes of the other municipality or school board, iii. the payments for electrical, telephone and gas service provided by the municipality for which revenues are received by the municipality in that year, iv. the payments for shoreline assistance and tile drainage in that year, and v. the payments made respecting the downtown revitalization loan program in that year. 4. Subtract from the amount obtained in paragraph 3 payments made in the fiscal year in respect of the financial commitments, obligations and liabilities described in paragraph 2 of section 2. O. Reg. 799/94, s. 3.
5. (1) The Ministry shall calculate a transitional debt and financial obligation limit for a municipality in respect of any fiscal year in which the following conditions are met: 1. The municipality has been erected, incorporated or created by statute or has had a boundary alteration within the past five years. 2. The financial information necessary for the Ministry to determine a debt and financial obligation for the municipality under section 3 is not available. (2) Despite sections 1 and 3, the Ministry may determine a transitional debt limit by estimating the revenue fund revenues for the year and by using relevant financial information obtained from any municipality or from any fiscal year. (3) Despite section 4, the treasurer may update a transitional debt limit using relevant financial information from any fiscal year. O. Reg. 799/94, s. 5.
6. Omitted (revokes other Regulations). O. Reg. 799/94, s. 6.
7. Omitted (provides for coming into force of provisions of this Regulation). O. Reg. 799/94, s. 7.