Financing Secured by Other Revenues Regulations

Marginal note:Adaptation to subsection 84(1)

• 19 (1) Subsection 84(1) of the Act is adapted as follows:

  Marginal note:Debt reserve fund — other revenues

  • 84 (1) The Authority shall establish a debt reserve fund for financing secured by other revenues that is separate from the debt reserve fund for financing secured by property tax revenues, to make payments or sinking fund contributions for which insufficient moneys are available from borrowing members in receipt of financing secured by other revenues.

• Marginal note:Adaptation to subsection 84(2)

  (2) Subsection 84(2) of the Act is adapted to be read to require the Authority to withhold 5% of the amount of any loan secured by other revenues and to deposit that amount in the debt reserve fund established for financing secured by other revenues.

• Marginal note:Adaptation to subsection 84(5)

  (3) Subsection 84(5) of the Act is adapted so that

  • (a) in relation to the debt reserve fund established for financing secured by other revenues,

    • (i) a reference to borrowing members is to be read as a reference to borrowing members that have received financing secured by other revenues,

    • (ii) the total amount contributed by borrowing members is calculated as the higher of

      • (A) the amount that would have been in the debt reserve fund if no payments from the fund had been made, and

      • (B) the total of all amounts contributed to the debt reserve fund under subsection 84(2) of the Act, and

    • (iii) the balance of the debt reserve fund is calculated without reference to any amounts contributed to it from the credit enhancement fund; and

  • (b) in relation to the debt reserve fund established for financing secured by property tax revenues, a reference to borrowing members is to be read as a reference to borrowing members that have received financing secured by property tax revenues.