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O. Reg. 225/02: NON-PERMANENTLY FINANCED DEBT OF DISTRICT SCHOOL BOARDS
filed July 22, 2002 under Education Act, R.S.O. 1990, c. E.2
Skip to contentONTARIO regulation 225/02
made under the
education act
Made: July 17, 2002
Filed: July 22, 2002
Printed in The Ontario Gazette: August 10, 2002
non-permanently financed debt
of district school boards
Definitions
1. In this Regulation,
“assignee” means the trustee of a trust or another person to whom a portion of a legislative grant is assigned by a district school board under an agreement prescribed by this Regulation; (“cessionnaire”)
“non-permanently financed debt” means, in respect of a district school board, the amount as of August 31, 2001 that is listed in Column (e) under the heading “Not Permanently Financed” opposite the name of the board in Table 2, “Capital Related Debt Eligible for Funding Support, by District School Board”, in the document entitled School Board Capital Related Debt (June 17, 2002), published by the Ministry and available on the School Facilities Inventory System Website (sfis.edu.gov.on.ca) and at the Business Services Branch of the Ministry, Mowat Block, 21st Floor, 900 Bay Street, Toronto, Ontario, M7A 1L2; (“dette sans financement permanent”)
“refinanced debt” means the debt incurred by the assignee in respect of the financing arranged to refinance the non-permanently financed debt of district school boards. (“dette refinancée”)
Prescribed instrument
2. An agreement that contains the following is prescribed for the purposes of clause 247 (3) (f) of the Act as an instrument that may be executed by a district school board:
1. The agreement provides for the irrevocable assignment by the board to the assignee named in the agreement of the portion of each legislative grant that is paid under the Act in respect of,
i. the board’s non-permanently financed debt, other than amounts referred to in clause 37 (1) (b) of Ontario Regulation 154/01 or clause 37 (1) (b) of Ontario Regulation 156/02, or
ii. the portion of the refinanced debt attributable to the board.
2. The agreement requires the board to give a direction to the Minister to pay the assigned portion of each legislative grant directly to an account specified in the agreement.
3. The agreement requires the assignee to,
i. assume the board’s liability to pay its non-permanently financed debt,
ii. arrange permanent financing for and pay the board’s non-permanently financed debt, and
iii. obtain from the holder of the non-permanently financed debt a receipt for the payment of the board’s non-permanently financed debt.
Board to provide copy to the Minister
3. If a district school board enters into an agreement prescribed by this Regulation, it shall give a written direction described in paragraph 2 of section 2 and a copy of the agreement to the Minister.