ontario regulation 462/06

made under the

education act

Made: September 27, 2006
Filed: September 28, 2006
Published on e-Laws: September 29, 2006
Printed in The Ontario Gazette: October 14, 2006

Amending O. Reg. 466/97

(Borrowing for Permanent Improvements: Issuance of Debentures)

1. Section 12 of Ontario Regulation 466/97 is revoked and the following substituted:

12. (1) A board may by by-law borrow money for permanent improvements by way of a loan with an initial maturity of more than one year, from,

(a) a bank;

(b) a trust company;

(c) a credit union within the meaning of the Credit Unions and Caisses Populaires Act, 1994; or

(d) the Ontario Financing Authority.

(2) A board that obtains a loan described in subsection (1) shall ensure that the proceeds of it are used for permanent improvements.

(3) Despite the lifetime of a permanent improvement for which a loan described in clause (1) (d) is made, the loan shall be payable over a term of 25 years.