O. Reg. 651/05: VARIABLE INTEREST RATE DEBENTURES AND FOREIGN CURRENCY BORROWING

 

ontario regulation 651/05

made under the

municipal act, 2001

Made: December 7, 2005
Filed: December 12, 2005
Published on e-Laws: December 13, 2005
Printed in The Ontario Gazette: December 31, 2005

Amending O. Reg. 247/01

(Variable Interest Rate Debentures and Foreign Currency Borrowing)

1. (1) Section 5 of Ontario Regulation 247/01 is amended by striking out the portion before clause (a) and substituting the following:

5. On the date a municipality issues a variable interest rate debenture, either the municipality itself or all of its long-term debt obligations must be rated,

. . . . .

(2) Section 5 of the Regulation is amended by adding the following clause:

(a.1) by Fitch Ratings as “AA-” or higher;

2. Clause 6 (a) of the Regulation is amended by adding the following subclause:

(i.1) by Fitch Ratings as “AA-” or higher,

3. (1) Clause 9 (b) of the Regulation is amended by striking out the portion before subclause (i) and substituting the following:

(b) on the date the debenture is issued, either the municipality itself or all of its long-term debt obligations are rated,

. . . . .

(2) Clause 9 (b) of the Regulation is amended by adding the following subclause:

(i.1) by Fitch Ratings as “AA-” or higher,

4. Clause 10 (1) (a) of the Regulation is amended by adding the following subclause:

(i.1) by Fitch Ratings as “AA-” or higher,