10The authorization of the Board for a proposed loan, issue of debentures or guarantee of repayment of any loan or issue of debentures shall lapse and be of no further effect
(a)
as to any amount by which the amount authorized exceeds the cost to the municipality of the project for which the loan, issue of debentures or guarantee of repayment was authorized, and for this purpose the cost to the municipality shall be
(i)
the cost of the project, when completed, less
(ii)
the amount of any federal, provincial and other grants received by the municipality for the project; or
(b)
as to the whole amount authorized, if the project for which the loan, issue of debentures or guarantee of repayment was authorized has not been commenced within two years from the date of the authorization.
10The authorization of the Board for a proposed loan, issue of debentures or guarantee of repayment of any loan or issue of debentures shall lapse and be of no further effect
(a)
as to any amount by which the amount authorized exceeds the cost to the municipality of the project for which the loan, issue of debentures or guarantee of repayment was authorized, and for this purpose the cost to the municipality shall be
(i)
the cost of the project, when completed, less
(ii)
the amount of any federal, provincial and other grants received by the municipality for the project; or
(b)
as to the whole amount authorized, if the project for which the loan, issue of debentures or guarantee of repayment was authorized has not been commenced within two years from the date of the authorization.