Thank you, Mr. Chairman. I move that clause 2 of Bill 19 be amended by
(a) deleting subclause (5) and by substituting the following:
(5) Section 150 is amended by
(a) striking out ", on the security of debentures," in subsection (1) and by substituting "for a period exceeding one year"; and
(b) deleting subsection (4) and by substituting the following:
(4) The Minister with the approval of the Executive Council may, by order, exempt a long-term borrowing by-law from the approval of the ratepayers required by paragraph (3)(b) where
(a) the money to be secured by way of long-term debt security is to be used to finance a project other than a local improvement; and
(b )the general revenues of the municipal corporation are to bear no part of the cost of the project referred to in paragraph (a).
(5) Notwithstanding that the general revenues of the municipal corporation may bear a part of the cost of a project referred to in paragraph (a), the Minister with the approval of the Executive Council may, by order, exempt a long-term borrowing by-law from the approval of the ratepayers required by paragraph (3)(b) where
(a) the money to be secured by way of long-term debt security is to be used to finance a project other than a local improvement; and
(b)t he Minister is satisfied that the borrowing proposed under the long-term borrowing by-law will result in a net savings to the municipal corporation.
(6) The Minister will the approval of the Executive Council may, by order, exempt a long-term borrowing by-law from the approval of the ratepayers required by paragraph (3)(b) where the money to be secured by way of long-term debt security is to be used to refinance an existing long-term debt security.
(b) deleting subclause (11) and by substituting the following:
(11) Section 156.1 is repealed and the following is substituted:
156.1. A long-term debt security issued or entered into by a municipal corporation to refinance an existing long-term debt security issued or entered into under a long-term borrowing by-law exempted from rate payer approval under subsection 150(6) must have
(a) a principal amount not exceeding the principal amount borrowed under the existing long-term debt security;
(b) a term not exceeding the term of the existing long-term debt security: and
(c) a total amount of principal and interest payable in a year under the refinanced long-term debt security not exceeding the amount of principal and interest that was payable in a year under the existing long-term debt security. Thank you, Mr. Chairman.