100(1)Subject to subsection 104(6) and the Municipal Capital Borrowing Act, a local government may, in accordance with this section, borrow money for municipal purposes.

100(2)A local government shall not, in any one year, borrow for its current operations any money in excess of the sum represented by 4% of the budget of that local government for that year or $15,000, whichever is greater.

100(3)Subject to subsection (4), a local government shall not, in any one year, borrow for capital expenditures any money in excess of the sum represented by 2% of the assessed value of real property in that local government.

100(4)The total amount of money borrowed by a local government for capital expenditures shall not exceed 6% of the assessed value of real property in the local government.

100(5)If a local government participates in an arrangement for financing a capital project with the Crown in right of the Province, the Crown in right of Canada or another local government, any amount of money representing the Crown’s or other local government’s portion shall not be included in the calculation of borrowing limits referred to in subsections (3) and (4).

100(6)For the purposes of this section, any money borrowed by a local government for the purposes of section 187 or for the construction or renovation of a generation facility or an electric power, water or wastewater disposal system is not considered to be money borrowed.

100(7)A local government having an audited general operating fund surplus at the end of a fiscal year shall credit the surplus to that fund for the second year following that fiscal year.

100(8)A local government having an audited general operating fund deficit at the end of a fiscal year shall debit the deficit against that fund for the second year following that fiscal year.