CPA · Municipal Government Act
Part 8 — Financial Administration
258 Capital property - long-term borrowing
of financing a capital property when the term of the borrowing
exceeds 5 years.
(2) This section does not apply to a borrowing referred to in
section 263.
(3) The expenditure for the capital property must be included in a
budget.
(4) The term of the borrowing must not exceed the probable
lifetime of the capital property.
(5) If
(a) a borrowing bylaw that auth orizes the borrowing has been
passed,
(b) the money to be borrowed is insufficient because the cost of
the capital property has increased, and
(c) the increased cost does no t exceed 15% of the original cost
of the capital property,
the borrowing bylaw that authorizes the borrowing of the increased
cost does not have to be advertised.
1994 cM-26.1 s258;1996 c30 s15