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AR 165/2011 CITY OF CALGARY DEBT SERVICE LIMIT EXCEPTION REGULATION

(Consolidated up to 184/2016)

ALBERTA REGULATION 165/2011

Municipal Government Act

CITY OF CALGARY DEBT SERVICE LIMIT EXCEPTION REGULATION

Definitions

1   In this Regulation,

                               (a)    “Debt Limit Regulation” means the Debt Limit Regulation (AR 255/2000) made under the Municipal Government Act;

                              (b)    “total debt” means total debt as determined in section 4 of the Debt Limit Regulation.

Debt service limit

2(1)  Despite section 5 of the Debt Limit Regulation, the determination of the debt limit in respect of the debt service of the City of Calgary under the Debt Limit Regulation shall not take into account a borrowing that

                               (a)    is related to a project approved under Schedule 7 to the Municipal Affairs Grants Regulation (AR 123/2000), and

                              (b)    does not require the repayment of any principal before April 30, 2020.

(2)  For greater certainty, under the Debt Limit Regulation,

                               (a)    the determination of the total debt of the City of Calgary, and

                              (b)    the calculation of the debt limit in respect of the total debt of the City of Calgary

shall take into account a borrowing referred to in subsection (1).

AR 165/2011 s2;184/2016

Expiry

3   This Regulation expires on April 30, 2020.

AR 165/2011 s3;184/2016