O. Reg. 654/05: BANK LOANS

 

ontario regulation 654/05

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. 276/02

(Bank Loans)

1. The definition of “bank loan” in section 1 of Ontario Regulation 276/02 is amended by striking out “Schedule I or II” in the portion before clause (a) and substituting “Schedule I, II or III”.

2. (1) Section 9 of the Regulation is amended by striking out the portion before clause (a) and substituting the following:

9. On the date a municipality enters into a syndicated bank loan agreement or a variable interest rate bank loan agreement, either the municipality itself or all of its long-term debt obligations must be rated,

. . . . .

(2) Section 9 of the Regulation is amended by adding the following clause:

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

3. Clause 11 (a) of the Regulation is amended by adding the following subclause:

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