O. Reg. 130/18: GENERAL
filed March 29, 2018 under Long-Term Care Homes Act, 2007, S.O. 2007, c. 8
Skip to contentontario regulation 130/18
made under the
Long-Term Care Homes Act, 2007
Made: March 27, 2018
Filed: March 29, 2018
Published on e-Laws: March 29, 2018
Printed in The Ontario Gazette: April 14, 2018
Amending O. Reg. 79/10
(GENERAL)
1. Ontario Regulation 79/10 is amended by adding the following sections:
Operating costs
294.1 (1) For the purposes of clause 126 (3) (b) of the Act, the prescribed percentage is 25 per cent.
(2) For the purposes of subsection 126 (4) of the Act, an operating line of credit with a financial institution is prescribed as an additional means by which a board of management may borrow.
(3) For the purposes of clauses 126 (5) (b) and (6) (b) of the Act, the prescribed percentage is 50 per cent, but only if every supporting municipality of the board has passed a resolution supporting the board’s ability to borrow up to that percentage.
Capital costs
294.2 For the purposes of subsection 127 (3) of the Act, a board may borrow such sums as the board considers necessary to meet the capital costs it estimates under subsection (1) of that section in either of the following circumstances:
1. Every supporting municipality of the board has passed a resolution that,
i. supports such borrowing by the board, and
ii. acknowledges that any repayments on the borrowed sums that the board is required to make that are not covered by the available current revenues of the board are subject to apportionment to supporting municipalities under subsection 126 (1) of the Act.
2. The board is refinancing existing debt.
2. Subsections 295 (3) and (4) of the Regulation are revoked and the following substituted:
(3) If a supporting municipality or municipalities have not made a payment within the time period established under subsection (2) and the board is required to borrow under subsection 126 (4) or 127 (3) of the Act as a result, the board may apportion the borrowing costs reasonably attributable to the late or missed payment among those supporting municipalities.
(4) A board that borrows under subsection 126 (4) or 127 (3) of the Act may apportion the cost of any repayment of the borrowed sums that the board is required to make and that is not covered by the available current revenue of the board as an apportionment under subsection 126 (1) of the Act.
Commencement
3. This Regulation comes into force on the later of the day section 26 of Schedule 5 to the Strengthening Quality and Accountability for Patients Act, 2017 comes into force and the day this Regulation is filed.