Debt Reserve Funds Replenishment Regulations

Marginal note:Notice of proposed amount

• 2 (1) At least 90 days before the date of a request requiring payment of amounts to replenish a debt reserve fund under paragraph 84(5)(a) or (b) of the Act, the Authority must send a notice to the council of every borrowing member who has received financing for which that debt reserve fund was established — whether or not the borrowing member’s loan has been repaid — setting out the amount of the shortfall in the fund and the Authority’s intention to require those borrowing members to replenish the fund.

• Marginal note:Content of notice

  (2) The notice must identify all defaulting members and the amount of the shortfall attributable to each of them.