Education Act
ONTARIO REGULATION 495/97
Amended to O. Reg. 239/06
CURRENT BORROWING LIMITS
Note: This Regulation was revoked on May 30, 2006. See: O. Reg. 239/06, s. 1.
This is the English version of a bilingual regulation.
1. (1) For the purposes of subsection 243 (4) of the Act, the maximum amount that a board may borrow at any one time during the period specified in subsection (3), together with the total of any similar borrowings that have not been repaid and any accrued interest on those borrowings, shall be determined by the board as follows:
1. Estimate the revenue fund expenditures of the board for the fiscal year January 1, 1998 to August 31, 1998.
2. Subtract, from the amount determined under paragraph 1, the amount of revenue fund revenues of the fiscal year January 1, 1998 to August 31, 1998 already received by the board. O. Reg. 495/97, s. 1 (1).
(2) For the purposes of paragraph 1 of subsection (1), revenue fund revenues do not include revenues derivable or derived from the sale of assets, current borrowings or issues of debentures or instruments prescribed under clause 247 (3) (f) of the Act or from a surplus including arrears of taxes and proceeds from the sale of assets. O. Reg. 495/97, s. 1 (2).
(3) The period referred to in subsection (1) begins on January 1, 1998 and ends on the earlier of,
(a) August 31, 1998; and
(b) the day on which the estimates for the fiscal year ending on August 31, 1998 are adopted. O. Reg. 495/97, s. 1 (3).
2. Omitted (provides for coming into force of provisions of this Regulation). O. Reg. 495/97, s. 2.
