O. Reg. 56/19: RESTRICTED PURPOSE REVENUES
filed March 29, 2019 under Education Act, R.S.O. 1990, c. E.2
Skip to contentontario regulation 56/19
made under the
Education Act
Made: March 26, 2019
Filed: March 29, 2019
Published on e-Laws: March 29, 2019
Printed in The Ontario Gazette: April 13, 2019
Amending O. Reg. 193/10
(RESTRICTED PURPOSE REVENUES)
1. (1) Section 6.1 of Ontario Regulation 193/10 is amended by striking out “up to the amount withdrawn for the property’s acquisition” in the portion before paragraph 1 and substituting “in the amount specified in subsection (2) or (3)”.
(2) Section 6.1 of the Regulation is amended by adding the following subsections:
(2) In the case of real property that was acquired by the board or by another person before March 29, 2019, the amount referred to in subsection (1) shall be an amount no greater than the amount withdrawn for the property’s acquisition.
(3) In the case of real property that was acquired by the board or by another person on or after March 29, 2019, the amount referred to in subsection (1) shall be the amount determined as follows:
1. Take the total cost incurred by the board or another person to acquire the real property.
2. Take the amount of funds withdrawn from an education development charge account to acquire the real property.
3. Divide the amount determined under paragraph 2 by the amount determined under paragraph 1.
4. Multiply the number determined under paragraph 3 by the net proceeds of the sale, lease or other disposition.
2. Clause 6.2 (5) (a) of the Regulation is revoked and the following substituted:
(a) proceeds that the board is required to use in accordance with the rules set out in subsection 6.1 (1);
Commencement
3. This Regulation comes into force on the day it is filed.
La ministre de l’Éducation,
Lisa Thompson
Minister of Education
Date made: March 26, 2019
Pris le : 26 mars 2019