ontario regulation 604/06

made under the

Municipal Act, 2001

Made: December 21, 2006
Filed: December 27, 2006
Published on e-Laws: December 29, 2006
Printed in The Ontario Gazette: January 13, 2007

Amending O. Reg. 653/05

(Debt-Related Financial Instruments and Financial Agreements)

1. Subsection 1 (2) of Ontario Regulation 653/05 is amended by adding “be” after “reasonably”.

2. Section 8 of the Regulation is revoked and the following substituted:

Lease financing agreements, capital undertakings

8. (1) A municipality may enter lease financing agreements for the purpose of obtaining long-term financing of a capital undertaking of the municipality.

(2) If a lease financing agreement described in subsection (1) includes terms that require, or may require, the municipality to make payments after the expiry of the term for which the council authorizing the agreement was elected, sections 9, 10 and 11 apply to the agreement.

(3) A lease financing agreement must include a schedule of all fixed payments, if any, required by the agreement and that may be required by any extension or renewal of the agreement.

3. This Regulation comes into force on the later of the day section 8 of Schedule A to the Municipal Statute Law Amendment Act, 2006 comes into force and the day this Regulation is filed.