O. Reg. 294/09: DEBT AND FINANCIAL OBLIGATION LIMITS

 

ontario regulation 294/09

made under the

municipal act, 2001

Made: July 15, 2009
Filed: July 31, 2009
Published on e-Laws: August 5, 2009
Printed in The Ontario Gazette: August 15, 2009

Amending O. Reg. 403/02

(Debt and Financial Obligation Limits)

1. (1) Paragraph 1 of section 3 of Ontario Regulation 403/02 is amended by striking out the portion before subparagraph i and substituting the following:

1. Calculate the revenues for a past fiscal year, excluding, whether or not they are revenues, amounts received in the year,

(2) Subparagraph iii of paragraph 1 of section 3 of the Regulation is revoked and the following substituted:

iii. as a contribution or transfer from a reserve fund or reserve,

(3) Paragraph 1 of section 3 of the Regulation is amended by adding “and” at the end of subparagraph vi, by striking out “and” at the end of subparagraph vii and by revoking subparagraph viii.

(4) Paragraph 3 of section 3 of the Regulation is amended by adding “and” at the end of subparagraph iii, by striking out “and” at the end of subparagraph iv and by revoking subparagraph v.

2. (1) Subsection 4 (2) of the Regulation is amended by adding the following paragraph:

5. Add to the amount obtained in paragraph 1 the estimated amount annually payable for any long-term debt or financial obligation described in section 2 in respect of the owner’s share of the cost of a work undertaken as a local improvement under Ontario Regulation 586/06 (Local Improvement Charges — Priority Lien Status) made under the Act.

(2) Paragraph 4 of subsection 4 (4) of the Regulation is revoked.

(3) Subsection 4 (5) of the Regulation is amended by striking out “current expenditures” in the portion before paragraph 1 and substituting “expenses in the current year”.

(4) Clause 4 (6) (b) of the Regulation is amended by striking out “capital undertaking” and substituting “capital work”.

3. Subsection 5 (2) of the Regulation is amended by striking out “the revenue fund revenues” and substituting “the revenues”.

4. This Regulation comes into force on the day it is filed.