City of Calgary Debt Service Limit Exception Regulation

Link to law: http://www.qp.alberta.ca/1266.cfm?page=2011_165.cfm&leg_type=Regs&isbncln=9780779759460&display=html

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AR 165/2011 CITY OF CALGARY DEBT SERVICE LIMIT EXCEPTION REGULATION (no amdt)
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 December 31, 2016.
(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).
Expiry
3   This Regulation expires on December 31, 2016.